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Risk-On Suggests More Upside on Oil, while USDMXN Can Face Weakness

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March 12 2019

Hi traders,
Stocks, specifically S&P500 is turning back to a bullish mode since we have noticed a five-wave rise back to 2800 resistance area. At the same time, even positively correlated market Crude oil remains in a bullish shape, probably within an ending diagonal for wave 5/5), which means that risk-on is still in play.

Crude oil, 4h chart


If we consider weak USD and strong Crude oil, then the best opportunity can be on USDMXN pair. And, as you can see USDMXN is falling sharply and just like Crude oil, also for wave 5, so be aware of more weakness towards new lows, while stocks and Crude oil are trading bullish.

USDMXN, 4h chart




 

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