Mthokozisi Mpofu
Knars Capital
The chart below shows USDMXN has been in a bullish move since 30th of May 2022. We believe the move lower completed on the 29th of May 2022, labelled as wave (y). Since, we have moved higher in an impulsive manner.
We have labelled the move higher in five waves ended on 14th of July 2022. We had a clear correction lower marked in three waves abc lower. The wave c retracement has reached the 61.8 Fibonacci level is marked below - and we believe a reaction is imminent from this level.
A clear five wave move from 19.80000 with a minor retracement will give a prime buying opportunity with a stop loss below that current swing low targeting new high's.
No key news events to look out for this week.
Res: 19.95000; 20.05000; 20.20000
Sup: 19.83520; 19.80000; 19.75000
None of the material published constitutes a trading recommendation of any particular security, portfolio of securities or investment strategy. This should not be taken as personal advice concerning nature, potential, value or suitability of any particular security, portfolio of securities, investment strategy or other matter. Past performance does not guarantee future results.
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