Technician

USDMXN: Again USD at critical levels... #forex

FX:USDMXN   U.S. Dollar/Mexican Peso
1219 4 36
It's clear that the USD is testing key level across the board.. Here is another chart that suggests how critical is the position of the USD.

A major double top formed, with the price currently testing the neckline for the pattern around 16.35. A breakout with daily closing below the neckline would confirm teh double top pattern and establish a new lower low.

On breakout confirmation, I expect a selloff for an initial target at 16.00 horizontal support level , and the rising trend line on chart.

I wouldn't completely ignore the chance of an upside bounce of the current support and neckline of the patter, however i would love to see a confirmation of price action             , such as a hammer candle, or a double bottom on the four-hour chart.

The countdown has started.. Check out The Forex Channel all-new coming soon page with a countdown timer to launch date, visit and subscribe at http://thefxchannel.com
My Best Regards
Technician
We are finally LIVE https://thefxchannel.com
I just saw this... I wonder how much I could have made if I would have bought back then when it was 17 pesos a dollar. Thinking long term is what makes some so profitable.
Reply
Hey,
I think he's in corrective to down, ?
Reply
Simple yet powerful..................................................................
+2 Reply
Technician TOP muhrenfrancis.abong
:) Thanks
+1 Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out