The chart below shows USDMXN in a bullish impulse move on the one-hour timeframe. The current corrective move has been labelled as a triangle the most likely pattern at this point. The move has been sideways consuming time more than the price which is a key characteristic of a correction and triangle.
We currently have wave iv as a triangle, and we are now excepting a move higher to complete wave v. However, this can still be a wxy or an abc correction which could break lower. Triangles only appear in wave x, b or iv position. However, we must be careful and be- prepared for both outcomes, lower or higher. A break of 21.58960 will invalidate our bullish count.
No key news events to look out for this week for the Mexican Peso.
Res: 22.65194; 23.00000; 23.27407
Sup: 21.99627; 21.58965; 20.83885
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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