Break of Descending Channel, New Rising Channel Formed?
So my last idea saw USDMXN contained within the descending channel. Now clearly price has broken out for dollar bulls and we can see some sharp moves as Emerging Markets are in the headlines this week.
Argentina speaking with the IMF.
South Africa in recession.
Turkey still with unresolved issues.
The Mexican Peso has been the strongest of the emerging market currencies to my knowledge. However, strongest of a weak batch must give dollar bear some pause.
Short scalps have remained profitable although long has been the path of least resistance.
For now, I am watching to see if the weekly breakout is confirmed or if this move is a fakeout.
Argentina speaking with the IMF.
South Africa in recession.
Turkey still with unresolved issues.
The Mexican Peso has been the strongest of the emerging market currencies to my knowledge. However, strongest of a weak batch must give dollar bear some pause.
Short scalps have remained profitable although long has been the path of least resistance.
For now, I am watching to see if the weekly breakout is confirmed or if this move is a fakeout.
