I'm bullish on this pair, and the dollar overall, in the longer term, but right now, we're seeing a correction in this trend. Within the next 2-3 days we can get a signal to reenter longs in this pair, so keep an eye on it. Support below is significantly strong, so it wouldn't surprise me that we bottom very soon, and see a sharp continuation of the initial 'Trump induced' uptrend in this pair.
The situation in Mexico is deteriorating, and with oil potentially declining, among other factors, it would be logical to see more weakness soon.
Keep an eye on it, we'll pick it up after the bottom's confirmed, it won't take long with some luck, else we'll have to rethink our FX strategy and fundamental and technical bias.
Cheers,
Ivan Labrie.
The situation in Mexico is deteriorating, and with oil potentially declining, among other factors, it would be logical to see more weakness soon.
Keep an eye on it, we'll pick it up after the bottom's confirmed, it won't take long with some luck, else we'll have to rethink our FX strategy and fundamental and technical bias.
Cheers,
Ivan Labrie.
Note
After today's close, we have a confirmed long entry with very low risk.Note
I bought at today's close, up nicely, closed half already for a 0.2% profit.Note
*yesterday's21.2376
Trade active
Note
1 year linear regression shows a very clear uptrend, we bottomed close to the linear regression line on this dip.
Trade closed: stop reached
I will have to reconsider, or wait. Stop hit for now.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.