USDMXN: Nice Impulsive Momentum Could Slow Down For A Pullback

FX:USDMXN   U.S. Dollar / Mexican Peso
On the intraday chart of USDMXN             , we are observing a nice bullish momentum taking place, that could face a correction soon, if the labeling is on track. We believe that this strong rally from 18.310 is wave 3, that could be completed as price touched the 2.0 Fibonacci ratio, which could suggest that a correction could be underway in wave 4. If price goes into a correction, then the next possible reversal higher for the wave 5 would be around the 0.5 and 0.382 Fibonacci ration, where these projections could act as supports higher.

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Looks like an inverted head and shoulders as well more upside would mean a commodity pullback
+1 Reply
Yes it could really be an inverted H&S, well if that is the case maybe we will see more upside.
+1 Reply
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