The short squeeze in Oil looks like it's over. The Mexican Peso is highly influenced by the price of Oil.
On the weekly chart the price stands at value after a huge rally, while the impulse is still red. A blue impulse would be the final confirmation.
Going to the daily chart, I see a few patterns that are worth mentioning. After a bearish divergence back in February, the Mexican Peso gained ground, returning at the last consolidation area on the chart. This is a normal occurrence in uptrends or downtrends. Besides the bigger price action, there is a histogram divergence, a bullish candle, and green impulse, all around a small double bottom with a false breakout.
I would look for 19, with a stop around 17.
On the weekly chart the price stands at value after a huge rally, while the impulse is still red. A blue impulse would be the final confirmation.
Going to the daily chart, I see a few patterns that are worth mentioning. After a bearish divergence back in February, the Mexican Peso gained ground, returning at the last consolidation area on the chart. This is a normal occurrence in uptrends or downtrends. Besides the bigger price action, there is a histogram divergence, a bullish candle, and green impulse, all around a small double bottom with a false breakout.
I would look for 19, with a stop around 17.