USDMXN: Buy opportunity long term.
The pair has just reached the 18.75000 1M Support which has been holding since mid-October 2018. Investors use this as a long term buy entry within this nearly 2 year 1M Descending Triangle pattern.
The 1D chart may be bearish (RSI = 37.141, MACD = -0.094, Highs/Lows = -0.0419, ADX = 42.106) but there is a certain feature (besides the 1M Support) that indicates the trend may be reversing. That is the RSI which is on a Bullish Divergence (i.e. on a bullish trend despite the fact that the actual price is bearish). Since 2018 whenever the 1D RSI was on a Bullish Divergence, USDMXN started an uptrend. We are using this opportunity to buy for the long term with 19.500 - 19.650 as our Target Zone.
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The 1D chart may be bearish (RSI = 37.141, MACD = -0.094, Highs/Lows = -0.0419, ADX = 42.106) but there is a certain feature (besides the 1M Support) that indicates the trend may be reversing. That is the RSI which is on a Bullish Divergence (i.e. on a bullish trend despite the fact that the actual price is bearish). Since 2018 whenever the 1D RSI was on a Bullish Divergence, USDMXN started an uptrend. We are using this opportunity to buy for the long term with 19.500 - 19.650 as our Target Zone.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial