USDMXN: Again USD at critical levels... #forex
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 thefxchannel.com
My Best Regards
Technician
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 thefxchannel.com
My Best Regards
Technician
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