General overview for 11/05/2016:
The corrective structure on the USD/MXN hourly time frame does not looks completed yet and the possibilities for one more leg down are high. As long as the local top for the wave 5 at the level of 18.216 is not violated, the market can still slide lower to the level of 17.807 or even to 17.623 before the uptrend will continue. Please notice this is only a simple corrective cycle possibility, but the corrective cycle might evolve into more complex and time consuming one as well.
18.216 – Swing High
17.807 – Technical Support
17.767 – 35%Fibo
17.630 – 50%Fibo
17.623 – Technical Support
Daytraders should consider to open sell orders from the current market levels with SL above the level of 18.216 and TP at the level of 17.807 with possible extension towards the level of 17.623.