Today, we offer a very special update on USD/MXN forex pair – what makes it special ? Well, the fact that we have absolutely marked the literal turning point of this pair back in 24th of November 2024!
You can find the article link if here, just in case you want to revisit it, all in all, here is the snapshot:
“USDMXN is in a recovery mode as Trump wins the US election. But notice that bulls can be losing strength when looking at the daily chart, so the upside can be limited soon. In fact, we see overlapping recovery possibly even an ending diagonal now in this late stages of a bull run, so sooner or later bears can wake up, after the potential top near 21 area”
After more than a year, we are witnessing how beautifully this price action has been developing, following and meeting with our expectations! This is our latest update, which has been sent out today:
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Nottice that USD/MXN has been in a downtrend since the start of the 2025, when we called that important top as Trump took office. So far, we can see a clear five-wave structure with lower highs and lower swing lows, confirming a strong bearish trend that may not be over yet. After the recent corrective retracement wave 4, we can now see it resuming lower for the 5th wave, which can extend the decline even down to next 17.60 support area before a larger recovery shows up.
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