USDMXN Look for sell setups here

Jul 5, 2020

Hi traders:

USDMXN is on my weekly watch list.

Higher time frame we see price had a strong bear sell from the previous structure, and now has been in a corrective structure since early June.

We see price slowly correcting itself up, forming a wedge pattern. Last bit of price action we see price break below this structure, and a Head and Shoulder pattern in the making.

Now I just need to wait for one more confirmation from the market, if price begin to form a continuation correction on the lower time frame,

then we can expect bear momentum to continue, at least to the recent lows.

Thank you

Jul 5, 2020

Note

Jul 9, 2020

Note

Price formed a right shoulder by correcting itself up in an ascending channel. Then small sharp from followed by a correction.