USDMXN ; TECHNICAL
We can see a simple head and shoulder pattern forming on USDMXN pair which we can see price bounce off that support level of (20.5297) zone
with a target around (21.6299) psychological Resistance zone
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While the price is above the support 19.5970 , beginning of uptrend is expected.
If the support at 19.5970 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 48.
Altho the Dollar weakness is seen accross the board, there are a couple of exceptions, and MXN is one of them. IF, USD can gain the light blue coloured level there is high likelihood for us to see 23.50 later.
Let's watch the price action on those levels
After watching it stall out at the 50.0 retracement line for three days and a confirmed breakthrough today, there is a considerable distance to go with this one. It is already on its way, but a Short time frame entrypoint will make all of the difference here. Looking at a 3 or 4:1RRR on this with no problems.
Good luck and Please let me know any thoughts.
Very simply strategy, the chart speaks for itself.
For more information on our strategy please view our 'Scripts' page on our Trading view profile.
Our V2 strategy shows the SL and multiple TPs on the chart too.
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