USDMXN will continue its downtrend as soon as US Dollar Index hits resistance. New Elliott wave video analysis.
In today’s video I will look into a detailed analysis of USDMXN, which is doing quite well compared to the strong USD Index. So my assumption is that when USD index will hit resistance, possibly after the 10 year US notes completed the current fifth wave up, the USDMXN can easily break through the support and will be targeting Feb 2020 pandemic low.
Crude oil is also very important for the USDMNX. Price is higher for the last two weeks as the situation between Russia and Ukraine is getting worse. OPEC also decided in its first one-on-one meeting since 2020 to cut production by up to 2 million barrels per day from November. So it appears that EU will not have easy task to limit the energy prices.
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Check our latest article about Natural gas HERE