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USDMXN Head-and-shoulders On Radar

USDMXN Head-and-shoulders On Radar

Paul Robinson, Strategist

Talking Points:

  • 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 instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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