Key Resistance: 20.50 – 20.60
Key Support: 20.31
Last Friday, late in NY trading the MXN started to rally hard against the USD from the the highs of the day. During that rally the USDMXN crashed 1.35% breaking with August highs in the process.
August highs are the previous broken highs after the big rally from September lows. This move is also a 61.8% pullback from last week’s range.
The MXN has pulled back to retest October 7th lows against the USD on what seems a perfect dip buy opportunity. Remember that I’m talking about the MXN here, so to dip buy this possible bullish continuation we need to sell the USDMXN which is why I’ve placed those sell stops below the previous immediate low.
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