USDMXN - Is the reaction complete ready for another bullish move
Updated
USDMXN bullish trend has remained for years and after February's & March's bullrun, it is only normal to see a healthy correction.
As it appeared, the bull run of February & March has seen a retracement (almost) to the .618 fib. Although we are still in a downtrend, I am waiting for price action to break the white dashed trendline before opening a position. I do think this will be soon as we are seeing a bullish divergence on the RSI .
What do you guys think? Are we going to see a reversal soon or expect to revisit the long term support tread?
As it appeared, the bull run of February & March has seen a retracement (almost) to the .618 fib. Although we are still in a downtrend, I am waiting for price action to break the white dashed trendline before opening a position. I do think this will be soon as we are seeing a bullish divergence on the RSI .
What do you guys think? Are we going to see a reversal soon or expect to revisit the long term support tread?
Note
I was stopped out of this trade on a wick. I still feel we are heading higher here after this potential triangle forming before more upside.
While I am awake, or able to attend the computer, I rather to set alarms than put in limit orders on trades. Therefore if/when my alarm goes off, I will monitor PA for another long position.
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