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USDMXN Rallying Towards Sell Zone, Pending Price Action for Entry

USDMXN Rallying Towards Sell Zone, Pending Price Action for Entry

Paul Robinson, Strategist

What’s driving markets? See the Quarterly Forecasts for our outlook on currencies, commodities, and equity indices.

The trend in USDMXN has been undeniably weak for pretty much all of this year so far, and while at a some point a meaningful rally with legs could develop, that doesn’t look likely to happen until we see more weakness first.

The current bounce has the look and feel of a correction, set to soon run aground into resistance. The first spot is just over 17.80, then beyond there we’ll look to 17.90 and the trend-line running down off the January high as well as the May high. It’s a relatively tight zone to watch for price action to turn bearish.

A rejection from the ~17.80/90 zone will be our cue to look for USDMXN to drop down into a zone extending from 17.16 down to 17.05. This is a pending set-up, and does require proper price action to pique interest from the sell-side. A reversal candlestick formation from resistance is the ideal. Once a turn lower has taken shape stops can be placed above the candlestick high. (On Thursday, we’ll be talking about trading candlestick formations at important price zones. Sign up here.)

USDMXN: Daily

USDMXN Rallying Towards Sell Zone, Pending Price Action for Entry

Trade Criteria:

Entry: Rejection from resistance (17.80/90, trend-lines)

Stop: Above rejection-bar high

Target: 17.16/05

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---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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