The bullish consolidation continues (wave-B) and we are awaiting a rally through 13.39 to signal that the expected move to 13.90 is commencing. This rally would meet long published targets and satisfy a complex rally from last Spring. (daily) S/t, the wave-B range from late Jan has broken a minor downtrend line at 13.30 yesterday but a rally through the 13.39 pivot is needed to signal that the sideways correction is complete; a break of the larger downtrend at 13.43 would further promote our bullish $MXN outlook. Support is now a retest of the minor trendline at 13.27 down to 13.24; resistance for today is 13.39 to 13.43. (240min) Conviction: Med/High Levels: Support – 13.27, 13.24, 13.18 Resistance – 13.39, 13.43/46, 13.60
Read the full report: USDMXN
Nomura