Blake Morrow’s EDGE Chart of The Day – USDMXN
Blake Morrow’s EDGE Chart of The Day – USDMXN
Rounded Top Formation
The USDMXN is developing a long term rounded top formation as it closed back below the 20.0000 level once again today. In light of recent US Dollar weakness, this should not come as much of a surprise that the USDMXN has been trading so heavily.
Technically, the USDMXN is nearing key support at the 19.8400 level after spending the beginning of the year rejecting a long term 50% retracement near the 21.0700 level. The 200dma is near the same level. A break lower would put the 19.0000 big figure level in play.
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