USD/MXN is now trading at the 18.81 area, unfolding an intra-day reversal up from the lows, which can suggest a minimum three-wave recovery in the near-term, ideally to around 19.00 zone.

Now looking at a more detail view, we are tracking two counts on the pair; first one suggests a higher degree red wave C) to follow from current levels with its five-waves, ideally aiming for the 19.19 level and above, and on the second count we think, correction of a higher degree A)-B) and C) is already over and more wekaness may follow. In both cases, we expect a recovery in minimum three-waves to 19.00 zone.

USD/MXN, 1h

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