TDMarkets

USD/MXN (a Potential Buying opportunity) 22/01/2019 (11:22)

USD/MXN (a Potential Buying opportunity) 22/01/2019 (11:22)

On January 22, 2019, Posted by , In Uncategorized, By , , With No Comments

USD/MXN has been bounded by two levels of support and one of resistance. Both enclosing on the price, this thus means the price is in a consolidation phase. A breakout normally sparks continuation. Our long term outlook on this pair is quiet Bullish, therefore, we are of the belief that the price will break above eventually. Though we want to draw your attention to a potential trading setup that is currently forming. Since the price has made it to our support trend line, we are expecting the Dollar Bulls to take over and push the price higher. A Bullish reversal, candlestick on a weekly chart, also our stochastic is giving out an oversold indication. Furthermore, the downtrend from smaller time frames has broke above, this also signals a change in the overall direction. Though we also foresee a potential double bottom before an official rally. Analysis took place from Weekly chart and H4. >>>>>We will await further confirmation to place a buy>>>King Yonela>>>>>22/01/2019

Leave a Reply

Your email address will not be published. Required fields are marked *

WP-Backgrounds Lite by InoPlugs Web Design and Juwelier Schönmann 1010 Wien