USDMXN Up 6th Straight Session and Threatens Post-Pandemic Wedge
USDMXN is up nearly 1.5% today - the biggest single-day charge in four and a half months - and working on a sixth straight session's gain. There have been other 6-day rallies over the months, but we haven't seen any more 'productive' advances since the height of the pandemic back in March 2020.
With a large descending wedge's resistance coming into view after this rally, naturally have to consider whether the tempo of the bull run is a contrarian indication. I think the the presence of the FOMC rate decision on Wednesday makes the prospect a 50/50, break or reversal scenario. It falls to how the market's respond to the central bank's message.
With a large descending wedge's resistance coming into view after this rally, naturally have to consider whether the tempo of the bull run is a contrarian indication. I think the the presence of the FOMC rate decision on Wednesday makes the prospect a 50/50, break or reversal scenario. It falls to how the market's respond to the central bank's message.