Technical Analysis: USD/MXN forms bullish Pennant
USD/MXN – the value of one US Dollar in Mexican Pesos – is consolidating in what could be a kind of bullish Pennant price pattern on the 4-hour chart.
The evolution of the Pennant suggests the likelihood of further upside if it breaks higher.
Given peaks and troughs are overall rising on the chart, the trend is likely bullish in the short-term, favoring long positions.
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