USDMXN Double top set to breakout

Key Resistance: 20.25
Key Support: 20.17 – 20.15

The USDMXN rejected last week’s highs on Friday printing a lower high before crashing to last week’s lows on Powell’s very Dovish speech at the end of the Jackson Hole symposium.

This created a big double top with the neck line right at last week’s lows. This week’s open in Sunday and price action until now is giving us an insane R on a short setup with high probability should this scenario play out.

Should price break with last week lows it would also be breaking with the reversal pattern (double top) we pointed out earlier AND the short-mid term bullish structure.

This breakout will be in play ONLY if our bearish continuation scenario on the USD plays out.