THE COLOMBIAN PESO HAS BEEN IN THE 2600S ZONE 3 TIMES IN THE LAST 12 YEARS, AND IT HAS NEVER CLOSED ABOVE 2700. WE NEED TO SEE A BOUNCE IN THE PRICE OF OIL, OR AT LEAST SEE IT HANDLE THE 57-60 LEVEL AND EXPECT THE PESO GO TOWARDS ZONES OF 2200 FOR NOW. MAYBE THE POLICY MAKER OF THE COLOMBIA FINDS OUT WHAT IS OBVIUS AND LET THE PESO GET STRONGER AGAINST THE DOLAR....
USD/MXN is very close to long term trend line which is first connected at 2009. This is a great place that many trade will use to short, trying to get a correction on the dollar. 13.8400 is where I personally will try to short with a very tight stop-loss.
The strong sell-off in the USDMXN over the past few days provides clues that bounces higher have been large corrective moves. First of all, the pattern from May 2013 to Jan 2014 (maroon block labels) suggests it is a large 3 wave bounce higher. The sell off since Jan 2014 could count as an impulsive 5 wave decline. Secondly, the bounce higher starting in June...