USD/MXN is trading in a range

USD/MXN is trading in a range

2022-12-16 • Updated

Trade ideas

SELL 19.60; TP1 19.55; TP2 19.40; SL 19.62

Let’s try some range trading. It seems that such an opportunity has presented itself in the pair USD/MXN. This pair is quite used to sideways trading. On D1, we see that the upper wicks of the recent candlesticks have been longer than the lower ones - a sign that bulls are less powerful than bears and that the price will likely visit the lower end of the range. In addition, a “shooting star” pattern was formed near the upper Bollinger band, while the Stochastic oscillator crossed the signal line to the downside. As a result, the pair’s likely to test the middle Bollinger band at 19.55. The decline below this level will open the way down to 19.40.   

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