USDMXN has failed for now to post a new low and has failed again to break below the 52w ema, that has acted as a support level over the last few years, and formed a double bottom in the process. Using the Wave 4 post-triangle break of 2017-2020 that we discussed before, we could be looking at potential targets of 26.80 or higher in the next couple of years.
USDMXN is bearish but the market is being very corrective on the BOS or weekly level, the market retrace back into previous LH but all that depends on how it react on the market area of interest, a close above it could be signalling a bullish cycle but a close below could be indicating a bearish pressure, It's always Good to wait for a clear move to avoid being...
We see this pair rising to complete a corrective pattern then the drop will come.
This is a risky trade as it goes against the trend and at any time the trend could resume.
Trade with care use a stop loss.
There is a probability of first tp to the proposed ( 20.16 ) Direction line. So, Traders can set orders based on Price Action and expect to reach short term goals.
Technical analysis: USDMXN Waiting for the Range Bound and the beginning of the Ascension Trend.
We have a correction in the price, we can see that this is the second part of the Elliot Wave.
I think we can see an uptrend in the following weeks, this to get a third wave and eventually finish our Elliot Wave Movement.