Since the end of July USDMXN bears have been waiting for the Mexican peso to get strong due to fundamentals whereby Mexicans send money back home to their families and this results in the peso getting very strong but last week this wasn’t the case because of the strong USD as a result of a good NFP number we saw last Friday which delayed USDMXN falling but now there seems to be a nice trade setting up for bears. After all the waiting bears finally have a lower low and can enter the lower high and take this pair down to the monthly bears target zone of MM1

USDMXN Daily

This chart shows clearly that we are in a down trend and one wants to be in the same direction as the trend and since this is a daily chart i would like to hold my trade for quite some time. price made alower low then came back up to MM3 and role reversal and a fib level 61.8 with an overbought stochastic coming down. All the right signs for a bear to short, Bears were definitely watching this area of resistance. so having entered at MM3 my target for the month is MM1

USDMXN H4

H4 chart shows price having moved to the weekly profit target and double topping up there and has now made a lower low. with that being said and me looking to sell this all the way down i will be looking for another sell opportunity next week with the new pivot points, selling at WM3 or WPP

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