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