USD/MXN: Head-And-Shoulders On Radar
Dailyfx | Jan 22, 2015 01:11PM ET
- 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
USD/MXN 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.
Written by Paul Robinson, DailyFX Research
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