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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Author : Orlando Gutierrez

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