We have been monitoring USDMXN for a potential short opportunity as the USD looks to be failing to move higher.
We have seen price move higher as of late due to the increase of interest rates in the US however we are now at a key resistance zone.
Looking at price it printed a head and shoulders pattern at the key resistance potential showing further downside to come.
If we see the market pullback into the neckline we could look for bearish price action to short down into the key support of 19.6000.
We have seen price move higher as of late due to the increase of interest rates in the US however we are now at a key resistance zone.
Looking at price it printed a head and shoulders pattern at the key resistance potential showing further downside to come.
If we see the market pullback into the neckline we could look for bearish price action to short down into the key support of 19.6000.