USDMXN And GOLD Looking For A Turn

Grega Horvat

USDMXN is trading bullish since 11th of May, where a higher degree correction found a base. After that a new five-wave impulse begin to unfold, which we think can be part of a bigger blue wave five. That said, we specifically see price unfolding a final five-wave recovery from 19.5058 level, which can look for a top and reversal around 20.050/20.1800 region, where Fibonacci ratios of 161.8/200 can act as turning points.

USDMXN Hourly Chart

USDMXN Hourly Chart

Gold may have found a possible low for higher degree wave 5 at the 1281 level, and current recovery that is on display can be part of a minimum three-wave reversal. Another confirmation that bears are finished is a completed five-wave drop within wave 5, and a break above the upper Elliott wave channel line which can be around the corner.

Gold Hourly Chart

Gold Hourly Chart

Source: www.ew-forecast.com

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