A trade idea for USD/MXN

A trade idea for USD/MXN

2019-11-11 • Updated

Trade idea

SELL at 20.20; TP1 20.10; TP2 19.98; SL 20.28

USD/MXN has met resistance at the line connecting 2017 and 2018 highs. On D1, it went far from the moving averages that are currently below the price chart and will likely correct down. The dynamics of the pair resembles a “Three drives” pattern and implies the further downside.

USDMXNWeekly.png

On H4, the prices crossed down support in form of moving averages. There was also a close below the 38.2% Fibo retracement. It's possible to make a bet on improvement in the market's risk sentiment and sell USD/MXN. Next Fibonacci levels may be the downside targets.

Screenshot_24.png

Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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