USDMXN | WEEKLY FORECAST

Peso follows the step of the Yuan against the Greenback!


Tendency: Downtrend ( Bearish )
Structure: Breakdown | Trendline | Support & Resistance
Observation: i. Price moves below support area @ 22.66000 affirms Breakdown structure with indications that the potential for the price to start trending downward is increasing.
ii. Price trailing the Bullish Trendline in a bid to correct Impulse leg finally breaks Trendline at 22.66000 confirming a change in direction.
iii . The second Breakdown of 22.44000 brings a level of confirmation to our bias as price nose-dives.
Trading plan: SELL confirmation with a minimum potential profit of 15,000 pips.
Risk/Reward: 1:3
Potential Duration: 3 to 10 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space for updates as price action is been monitored.


Nirvana! Forex
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