News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/ImXreWFFFY
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/SbVPuUmpTU
  • 🇮🇹 Consumer Confidence (SEP)Actual: 103.4Expected: 100.8Previous: 101.0https://fxnews.org/?/economic-calendar#2020-09-25
  • 🇮🇹 Business Confidence (SEP)Actual: 92.1Expected: 87.5Previous: 87.1https://fxnews.org/?/economic-calendar#2020-09-25
  • 🇮🇹 Consumer Confidence (SEP)Actual: 103.4Expected: 100.8Previous: 100.8https://fxnews.org/?/economic-calendar#2020-09-25
  • 🇮🇹 Business Confidence (SEP)Actual: 92.1Expected: 87.5Previous: 86.1https://fxnews.org/?/economic-calendar#2020-09-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in EUR/GBP are at opposite extremes with 67.79%.See the summary chart below and full details and charts on FxNews: https://fxnews.org/?/sentiment https://t.co/vQ8iSnCFKO
  • Heads Up:🇮🇹 Consumer Confidence (SEP) due at 08:00 GMT (15min)Expected: 100.8Previous: 100.8https://fxnews.org/?/economic-calendar#2020-09-25
  • Heads Up:🇮🇹 Business Confidence (SEP) due at 08:00 GMT (15min)Expected: 87.5Previous: 86.1https://fxnews.org/?/economic-calendar#2020-09-25
  • Heads Up:🇪🇺 European Council Special Meeting due at 08:00 GMT (15min)https://fxnews.org/?/economic-calendar#2020-09-25
USD/MXN – Chart Pattern Could Set USD up to Move Soon vs Peso

USD/MXN – Chart Pattern Could Set USD up to Move Soon vs Peso

2020-08-14 12:30:00
Paul Robinson, Strategist
Share:

USD/MXN Highlights:

  • USD/MXN coiling up, creating a wedge pattern
  • Looking lower versus higher at the moment, breakout pending

USD/MXN coiling up, creating a wedge pattern

USD/MXN has been chopping around the past few couple of months, and on a couple of occasions it looked like it wanted to provide signaling on a direction only to fail to follow through. That may continue to be the case for a little bit longer, but a solid-looking wedge formation may be in the works.

If a symmetrical pattern is to come to fruition it may take until the beginning of next month before an apex is reached and the directional bias is determined. At the moment the general bias is looking down given generally poor price action, but that could change.

For traders looking at short-term scalps there may be some opportunity right now, but it will be important to continue to be nimble with limited expectations until we can get a good breakout pattern to reach maturity.

In addition to the top and bottom-side trend-lines of the wedge formation running off the June low and high points, there is short-term support at 21.85 and resistance at 22.90. Either of these levels will need to be breached if any momentum is to come in to USD/MXN.

Later, should a solid-looking wedge develop and head into breakout mode, we’ll look at the operating trading bias and other important levels and potential targets.

USD Forecast
USD Forecast
Recommended by Paul Robinson
Check out the Q3 USD Forecast
Get My Guide

USD/MXN Daily Chart (wedge could be maturing…)

USD/MXN daily chart

USD/MXN Chart by TradingView

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

FxNews provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES