Technical Analysis: USD/MXN in long trend lower
USD/MXN is at the dog-end of a long-term downtrend that started after the pair peaked at 25.76 in April 2020 – we are now in the 16.50s.
The long move down could be characterized as a very large three-wave pattern called a Measured Move. Such patterns are composed of an A, B, and C wave, with wave C extending to a similar length to wave A, or a Fibonacci 0.618 ratio of A.
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