USD/MXN remains under pressure

USD/MXN remains under pressure

Trade idea

SELL at 19.06; TP 19.00; SL 19.08

USD/MXN is testing levels below 50-week MA (19.2130) and is vulnerable for a slide to the 100-week MA (18.9090).

USDMXNWeekly.png

The pair is trading within a narrow rapid downtrend channel on D1. The next level of attraction is the 78.6% Fibo retracement in the 18.95 area. USD/MXN will find support in this area as it’s already quite oversold. That's why we chose more conservative targets for the trade.

Similar

Check USD/TRY

USD/TRY has moved sharply down this week falling to the support line since the end of November.

Trade ideas for gold

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50.

Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

gbp

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