USD/MXN can offer more

USD/MXN can offer more

2019-12-10 • Updated

Trade idea

SELL 19.1950; TP1 19.15; TP2 19.08; SL 19.22

USD/MXN has found itself within a rather steep downtrend. The pair has topped at 19.6550 at the end of November and during the last several days dropped below the 100-, 50- and 200-day MAs. Although in the short-term the USD is obviously oversold, daily Awesome Oscillator has just approach the zero line, so there’s still scope for more downside. In addition, the pair has experienced prolonged descents before. It has already retraced 61.8% of the October-November advance (this level of 19.26 is now a resistance) and the natural level to look at next is the 78.6% Fibonacci at 19.50. The further support is at 19.08 (support line).  

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