The Mexican Peso continues rising to almost nine-year highs against the US Dollar . Mexican inflation data for March is scheduled for release on Tuesday and could cause volatility for the Peso. A higher-than-expected reading would indicate interest rates remaining elevated, increasing demand for MXN. The Mexican Peso is trading at eight almost nine-year highs below 16.30 against the US Dollar on Tuesday, as it continues its long-term bull trend.
76 in April 2020 – it has now fallen to the 16.20s. Since “the trend is your friend,” it is likely to extend. The pair is probably unfolding a large three-wave Measured Move pattern. These are composed of an A, B, and C wave, with wave C extending to a similar length to wave A, or a Fibonacci 0.618 ratio of A. USD/MXN Weekly Chart If this is the case, price has almost reached the point at which C will equal A, calculated as lying at 15.89.
Source: Digital Coin News (digitalcoinnews.net)
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