USD/MXN short to medium term outlook
USD/MXN broke out of its steep falling wedge pattern (1), retested support (2) and today broke above resistance and has knifed through its 20dma. If we can convincingly hold above the 20dma and support, it’s likely we will begin heading north. Smart Money Hedgers are massively short the Mexican peso. The time frame for this trade is short to medium term.