ridethepig
Long

Yearly lows set in place for USDMXN

FOREXCOM:USDMXN   U.S. Dollar / Mexican Peso
Here we can look from a bird's eye view and see that this is likely still a large triangle taking place.

We are testing the minimum targets of a 5 wave sequence from November highs. It is very possible that this can start forming a base at current levels since the target has been reached however extensions below come in at 18.53.

The likelihood of a base forming will increase if we trade above resistance at 19.20, this will give confidence and unlock 19.47 and 20.4 for initial targets in the triangle.

A very interesting cross to track over the coming Months and Quarters. Best of luck all trading it live.
Comment: A solid base forming here..
Comment: A timely chart update before NFP

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