USDMXN Keeps Falling Within An Impulse; Elliott Wave Intraday Analysis

10 and one 10 us dollar bill

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USDMXN is extending even lower and it’s now already at 261,8% Fibonacci extension of wave 4, so it’s most likely in an extended wave 5 or alternatively in wave 3. Anyway, in both cases we should be aware of more weakness to complete a lower degree five-wave bearish cycle.

Currently it can be finishing subwave 3, so after a subwave 4 pullback, watch out for a bearish continuation within subwave 5 of (3). As long as it’s below 19.19 invalidation level, we remain bearish.

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USDMXN Keeps Falling Within An Impulse; Elliott Wave Intraday Analysis USDMXN 2H Chart