USDMXN. Correction to be activated after Wave 3 hits target

Despite my wrong prediction on USDMXN, I still believe Peso should take some territory from the USD in the upcoming weeks. Wave 3 targets have been hit today and it is a good moment to fall down in Wave 4 of 5. Notice also a huge bearish divergence on Weekly Timeframe

Will short this pair once DXY reaches 100 figures as per my DXY charts posted earlier. Will set a SL order at 21 ish and target 17.25 as a TP1.

Kommentera:

Haven´t shorted the pair yet as I still wait for a final bounce on DXY.

Last week someone took profits on all emerging market currencies, even the russian Rouble, which has been a "superstar" according to many investment banks, lost almost 10%. So, let´s just wait for the storm to calm down and then join the ride.

Handel aktiv:

Shorted 21 ish. SL: 23, TP: 17

Kommentera:

Moved to breakeven

Kommentera:

Intermediate TP targets posted below

Kommentera:

Keep holding a short position. Non of previous 3 weeks have closed above Fibo level 161%. Eventually, this week will not be closed higher as well and we can see a definitive reversal

Trade stängt manuellt:

Closed at breakeven. Will have to review the analysis