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Hello, fellow community members and traders,
Today I have done a detailed top to bottom analysis of the pair USDMXN. As you can see from the beginning of the year 2016 this pair has been in a downtrend on the monthly as well as weekly charts. The pair seems to be taking support on the rising trendline on the weekly chart as shown in the image attached. But jumping again and again on this line may cause a break below the line.
USDMXN WEEKLY CHART
The idea is to sell the pair near falling trendline once the pair closes a week below the rising trendline with stop loss above the falling trendline.
USDMXN DAILY CHART
Any comments about the setup are welcome.
Happy trading to all.
Today I have done a detailed top to bottom analysis of the pair USDMXN. As you can see from the beginning of the year 2016 this pair has been in a downtrend on the monthly as well as weekly charts. The pair seems to be taking support on the rising trendline on the weekly chart as shown in the image attached. But jumping again and again on this line may cause a break below the line.
USDMXN WEEKLY CHART
The idea is to sell the pair near falling trendline once the pair closes a week below the rising trendline with stop loss above the falling trendline.
USDMXN DAILY CHART
Any comments about the setup are welcome.Happy trading to all.
