empty
 
 
21.06.2022 12:03 PM
Trading plan for USDMXN on June 21, 2022

This image is no longer relevant

Technical outlook:

USDMXN dropped through intraday lows around 20.1234 on Tuesday, down over 0.50%. The currency is moving in line with our projections made earlier and is expected to sink below 19.4200 going forward. Bears will be inclined to hold prices below 20.7000 to keep the near-term structure intact.

USDMXN has been dropping since 22.1500, unfolding a potential diagonal pattern. A diagonal subdivides into five waves. As we can see, the 4th wave terminated at around 20.6960. If the above-proposed structure holds well, bears will be poised to remain in control and drag prices below 19.4200 in the next few trading session.

On the flip side, if the diagonal pattern is already complete at around 19.4200, prices will be well supported around the 19.8000 levels. Please keep a watch for a bullish turn at around the 19.8000 levels for any potential trend reversal from there. Traders might be preparing to hold short positions for the near-term target towards 19.8000.

Trading plan:

Potential drop through 19.80 and 19.42 against 20.70

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
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
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback