Hello traders, today we want to update our Crude oil chart compared to USDMXN currency pair from October 06.
As you can see, Crude oil remains nicely bullish after we spotted a bullish reversal out of the wedge pattern. At the same time USDMXN pair is breaking out of bigger bearish wave B triangle pattern.
Well, Crude oil is now trying to continue higher within wave C/3 at least up to 97-98 area for wave C if not even higher above 100 for wave 3. In the meantime USDMXN could easily stay in the downtrend within wave C with room even down to 18-17 area.
What we want to say is that Crude oil can easily stay up, while USDMXN pair can face even more weakness, just be aware of short-term pullbacks.
Trade well!
As you can see, Crude oil remains nicely bullish after we spotted a bullish reversal out of the wedge pattern. At the same time USDMXN pair is breaking out of bigger bearish wave B triangle pattern.
Well, Crude oil is now trying to continue higher within wave C/3 at least up to 97-98 area for wave C if not even higher above 100 for wave 3. In the meantime USDMXN could easily stay in the downtrend within wave C with room even down to 18-17 area.
What we want to say is that Crude oil can easily stay up, while USDMXN pair can face even more weakness, just be aware of short-term pullbacks.
Trade well!
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