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

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