USDMXN bouncing from Historic key level

USDMXN bouncing from Historic key level

Key Support: 20.00
Key Resistance: 20.55 – 20.90 -21.60

The USDMXN has been in a very strong bearish move for more than a month since it peaked back in March 8th. That´s a -7.35% move. This level is also the 0.764 pullback of the last long term bullish move.

Also, this last 5-week bearish move is perfectly structured inside of a mid term falling wedge.

Since we are counter trend trading we need for price to brake with the immediate bearish structure by breaking with the week´s highs and trading above the weekly pivot. By doing so the falling wedge would also brake

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USDMXN retests August 2019 highs

USDMXN retests August 2019 highs

Key Support: 20.10
Key Resistance: 20.45 – 20.60 – 20.90

The USDMXN has dropped 4% in the past 3 weeks and 6.92% since its March 2021 highs.

In the short term price has been dipping inside a very structured bearish move and now we are retesting the August 2019 highs. Back in August 2019 this level was a massive resistance and when it hit price dropped 8.35%.

Back in March 2020 when price finally broke with this resistance level we saw a massive bullish move of +39.30% from low to high.

this level is where we will see big buyer jump in. In order to get triggered we need a break of the current bearish structure and the DXY to start rallying from the 92.20 level retest.

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USDMXN bouncing from key structure

USDMXN bouncing from key structure

Key Support: 21.20
key Resistance: 21.40 -21.50 – 21.65

Mid Term View
After bottoming in January around 19.50 the USDMXN has rallied 10.60% from low to highs and is now trying to break a massive zone of resistance.

15M Chart Analysis
After topping around the 21.60 level the USDMXN has pulled back to a previous resistance turned support (21.20) and it´s retesting the bullish structure it´s trading in.

This is a high probability trade because of technicals but also because the US Dollar is currently in a bullish move.

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USD/MXN bounces from weekly pivot

USD/MXN bounces from weekly pivot

Key support: 20.70
Key Resistance: 20.85 – 21.00

Long Term View
The USD/MXN has been on a +7.70% bullish move from low to highs since the lows in late January 2021. We have been trading the upside the past couple of months and our bias remains very bullish as long as price keeps trading inside the long term bullish structure.

1H chart Analysis
The USD/MXN opened lower but quickly recover to trade above the weekly pivot and the very important 20.70 level.

It boke with a falling wedge , which is in this case a reversal pattern but we needed price to break the previous lows. This is why we used a buy stop above the 20.80 level

The 21.00 level is a massive area of resistance so it´s crucial to take profits here.

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USDMXN holds key base

USDMXN holds key base

Key Support: 20.15
Key Resistance: 20.45

Mid-Term View
The USDMXN has rallied from the lows of a long term range around the 90.19 to 20.00 levels inside a very structured move.

Short-Term Readings

After missing the first impulse at the bottom of the move I´ve been watching this pair the entire week and today it created a perfect base at the retest of the previous broken level and 50% pullback of the first bullish impulse.

The continuation pattern is very clear here and should the bullish momentum continue at the break of the pattern price could reach the highs of the range around the 20.45

 

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USDMXN BREAKS MASSIVE BULLISH STRUCTURE

USDMXN BREAKS MASSIVE BULLISH STRUCTURE

The UM finished last week very bearish breaking with a mid term bullish structure after rejecting the top of a range that has capped the MXN going lower against the USD.

We´re looking to short this pair at the break of Friday´s lows / Last week´s lows with a tight stop above today´s highs.

Think about taking profits on the next key level around the 19.60 and possible runners to the calculated targets (1.618 retracement of the last bullish wave) around the 19.80

 

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The USDMXN pulls back to key level

The USDMXN pulls back to key level

The USDMXN rejected the 20.60 level last week, level that has seen BIG sellers jump in 2 times in the past (December and November 2020) capping the bearish momentum in the MXN against the USD.

Now we are looking at a possible short setup at the retest of the previous key level and monthly pivot whilst printing short term bearish divergence.

The break of the continuation pattern and today´s open should open up momentum to the down side.

Use sell stop orders at the validation level for easier entries.

Validation Level: 20.1635
Invalidation Level: 20.2960

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Author : Orlando Gutierrez