USDMXN Head-and-shoulders On Radar
- Head-and-shoulders nearly complete
- A break of the neckline acts as confirmation
- Should a break of the neckline occur, a measured move below 14000 in the cards
USDMXN is in the final stages of forming a head-and-shoulders pattern, easily visible on the daily time-frame. A confirmed break of the neckline puts the formation squarely in play, with a measured move target below 14000. The target for a measured move on an H&S pattern is determined by subtracting the height of the pattern (head to neckline) from the neckline.
USDMXN Daily: Sep ’14 – Present
Written by Paul Robinson, DailyFX Research
To contact Paul, you can email him at firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.