Mexican Peso extends decline after release of UK and Eurozone data
Technical Analysis: USD/MXN extends new leg higher
USD/MXN extends its gains, further reversing the prior evolving down leg within the pair’s broader rising channel.
The long green up days posted on Tuesday and Wednesday could indicate the short-term trend is changing and the pair may be about to begin a new up leg within the channel.
USD/MXN Daily Chart
USD/MXN had been looking like it was unfolding in a bearish abc pattern within its rising channel, however, wave “c” has failed to extend all the way down to the lower channel line.
The pair has also now broken above the top of wave “b” at 19.10, tilting the odds in favor of bulls. The break could indicate a stronger up move is underway, that could take the pair back up to the channel highs at roughly 20.50.
The overall trend on the medium and longer-term time frames is arguably up, suggesting a bullish backdrop that provides extra support to the view that a new upward move is underway.
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