USDMXN has been sliding lower knocking fib levels one by one. This week the last one was taken, leaving us with two supports before it retest the lows before we got a strong implusive move up. Those two supports are 19.76 and 19.61 (red lines). Be on the look out for an impulsive move up before going long as this pair has punished all long for a good while.
Fundamentals other than a weak USD (DX) and higher rates (carry trade) are few, so it can turn on a dime IMO.
Fundamentals other than a weak USD (DX) and higher rates (carry trade) are few, so it can turn on a dime IMO.
