USDMXN Elliott Wave Analysis

31 Jan 2023

USDMXN did not change much in the last few days, and it can stay that way till FED rate decision tomorrow. From an Elliott wave perspective, it's a still bearish trend, but can be making a fourth wave pullback, still headed towards higher resistance as subwave c is missing. The ideal zone for the next sell-off is at 19.12, while the invalidation level is at 19.51; as long this one is not breached trend remains bearish.