empty
20.06.2022 01:31 PM
Trading plan for USDMXN for June 20, 2022

This image is no longer relevant

Technical outlook:

USDMXN has dropped through the 20.25 mark on Monday after falling through the 20.70 high over the last week. The Mexican Peso might continue to get stronger as bears prepare to come back in control from here. The near-term target might be seen below the 19.40 mark to complete the pattern, which is unfolding since hitting the level of 22.15.

USDMXN has been dropping since the 22.15 high registered on November 26, 2021, and bears might be inclined to push it again below 19.40 before giving in to bulls. If the above structure holds well, bears might be inclined to take control from here breaking below the 19.40 mark. The recent boundary being worked upon is found between the 21.46 and 19.40 levels respectively.

USDMXN has also tested the 0.618 Fibonacci retracement of the above downswing around the 20.70 mark and hence high probability remains for a bearish turn from here. On the flip side, if bulls are successful in printing another high close to 21.46, the structure will turn in their favor. We shall update according to the price action going forward.

Trading plan:

Potential drop below 19.40 against 21.46

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

GBP/USD: Trading Plan for the U.S. Session on May 2nd (Review of Morning Trades)

In my morning forecast, I focused on the 1.3313 level and planned to make trading decisions from there. Let's take a look at the 5-minute chart and break down what

Miroslaw Bawulski 12:14 2025-05-02 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 2nd (Review of the Morning Trades)

In my morning forecast, I highlighted the 1.1337 level and planned to make market entry decisions based on it. Let's look at the 5-minute chart and analyze what happened there

Miroslaw Bawulski 12:06 2025-05-02 UTC+2

GBP/USD: Trading Plan for the European Session on May 2. Commitment of Traders (COT) Reports (Trade Review). The Pound in a Difficult Position

Several entry points into the market were formed yesterday. Let's look at the 5-minute chart and break down what happened. I highlighted the 1.3282 level in my morning forecast

Miroslaw Bawulski 07:53 2025-05-02 UTC+2

EUR/USD: Trading Plan for the European Session on May 2. Commitment of Traders (COT) Reports (Trade Review). The Dollar Reacts to Any Positive Data

Yesterday, several entry points into the market were formed. Let's look at the 5-minute chart and analyze what happened. In my morning forecast, I highlighted the 1.1320 level

Miroslaw Bawulski 07:53 2025-05-02 UTC+2

How to Trade the GBP/USD Pair on May 2? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair continued its downward movement, although the overall picture still closely resembles a sideways range. The British pound

Paolo Greco 06:31 2025-05-02 UTC+2

How to Trade the EUR/USD Pair on May 2? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD On Thursday, the EUR/USD currency pair continued its downward movement and reached the 1.1275 level by the end of the day, which

Paolo Greco 06:31 2025-05-02 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 2: The Dollar Faces a Tough Test

The GBP/USD currency pair continued to correct downward following Monday's rally and against the broader uptrend. There was no reason to expect the kind of price action that ultimately unfolded

Paolo Greco 03:47 2025-05-02 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 2: Third Consecutive Day of Dollar Strength

The EUR/USD currency pair continued its mild upward movement on Thursday. The ongoing rise of the U.S. dollar looks strange, but strange price behavior has become the norm in recent

Paolo Greco 03:47 2025-05-02 UTC+2

GBP/USD: Trading Plan for the U.S. Session on May 1st (Review of the Morning Trades)

In my morning forecast, I focused on the 1.3282 level and planned to make entry decisions based on it. Let's take a look at the 5-minute chart and see what

Miroslaw Bawulski 18:42 2025-05-01 UTC+2

EUR/USD: Trading Plan for the U.S. Session on May 1st (Review of the Morning Trades)

In my morning forecast, I focused on the 1.1320 level and planned to make market entry decisions based on it. Let's take a look at the 5-minute chart

Miroslaw Bawulski 18:38 2025-05-01 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.