USDMXN Can Break Down From A Triangle

Updated

Hello traders!

Price on USDMXN is approaching the lower trendline support of a contracting range. Sooner or later we think this one will be out. Keep in mind that some markets still have open gaps from March. USDMXN is one of them.

Trade well!
GH

Note

USDMXN is trying to break below the lower triangle line, which would be actually a confirmation for a bearish continuation towards new lows, but only if price manages to stay beneath that 22.33 previous swing high level.

Note

USDMXN broke below 21.825 level, which can be first sign of a completed triangle, and that a final five-wave move lower may be underway. Still, we would like to see price decline further below 21.825 level for confirmation that bears are in charge.

Note

USDMXN is breaking lower, now in wave 3 of a five-wave decline, down from 22.33 level. Price can target 20.6/20.5 level.

Note

Price is still in bearish mode, after recent sharp decline from the 21.94 level. Ideally price is targeting 20.55 level in days/weeks ahead.

ew-forecast

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