Dax Can Search For Support; USDMXN Trades Into a Potential Flat

Gregor Horvat Wavetraders

Good day traders. Let's check with DAX and USDMXN.

German DAX came down, into an open gap, but still not filled completely, so we are wondering if there is another leg down coming towards 12960 which can be final push for wave c of B. Normally EU markets will also slow down at this hour, especially on Friday so we may see more slower price move and should wait on a bounce till Monday, ideally away from 12950/60 region.

German DAX, 15Min

USDMXN made a new swing high at 19.3715 level, which we labeled as sub-wave B) of 4. This now suggest that a new drop lower into wave C) may follow and ideally search for support near the former swing low at 18.7259 region or at Fibonacci ratios of 23.6/38.2. That said, once wave 4 of a higher degree unfolds, that is when a new bounce higher into wave 5 of A may follow.

USDMXN, 4H

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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