Forex Market Analysis

Levels to trade USD/MXN – FBS

The volatility in USD/MXN has jumped. The pair is correcting up within the downtrend, which has been in place since September. On Thursday, the price closed above 18.78 (50-day MA). The targets for the correction lie in the 19.015/038 area (100-day MA, the presumed point D of a harmonic “Crab” pattern). Notice, however, that buying is risky as the pair is currently overbought. When the price arrives to the mentioned zone, the bearish trend will likely resume or, at least, will try to do so. Support levels are at 18.91, 18.825, and 18.757.

Trade ideas for USD/MXN

SELL 19.015; SL 18.91; SL 19.04

SELL 18.89; TP 18.25; SL 18.92

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