Crude oil is also trading complex, and unfolding a seven-leg correction. We see the second zig-zag, as part of this complex correction in the making, with recently completed leg A) at the 62.85 level. A sharp rally that is now underway can suggest wave B) to follow, and search for a later reversal near the 64.50/65.00 region, where Fibonacci ratios of 50.0 and 61.8 sits.

Crude oil, 1h

USD/MXN is trading bearish, now at the end of wave II. We already see price breaking lower, away from 18.939 level, which can suggest a completed correction and 18.305 area in view. A break below this level would confirm a bearish continuation into wave III.

USDMXN, 4h