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

FX:USDMXN   U.S. Dollar/Mexican Peso
1198 4 35
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.

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+2 Reply
Technician TOP muhrenfrancis.abong
:) Thanks
+1 Reply
I think he's in corrective to down, ?
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.
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