Chart of the Day -USDMXN – (April 10th 2019)
The USDMXN has been trading abnormally heavy the last couple sessions and is now at risk at a break lower out of the long term daily triangle.
The USDMXN has been trading abnormally heavy the last couple sessions and is now at risk at a break lower out of the long term daily triangle.
Ahead of the ECB decision the German 10yr BUND is at an inflection point with the 166.66 breakout point and channel support being tested.
The AUDUSD has been in a tight consolidation for the last 5 weeks, but we are now at the triangle resistance.
One of our traders in our Forex Analytix community chat rooms (guyr) brought the EURNZD inverted head and shoulder’s pattern to our attention.
If you have been following our Bitcoin analysis on Forex Analaytix for the last couple weeks, we have been bullish on the instrument as we had a bullish wedge develop and then subsequently breakout higher.
We are not sure if the upper end of the 1.9000-1.9550 channel will be broken, but it is a risk this time around as the GBP is starting to look constructive against other pairs as well.
There is no doubt that the EURJPY has a lot of support from the 123.80-124.00 level, but the recent shallow bounce and flag pattern suggest a break down may happen soon.
The DXY is in the middle of the range, and also testing the 61.8% retracement.
Gold has spent the month of March moving higher in a channel, but the last couple sessions we have stalled at the 61.8% retracement of the February highs to March lows at $1321.