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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Author : Orlando Gutierrez

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