USD/MXN 4hr Chart Looking for Long Around Lower Channel Support
Price action recently broke out of a mild wedge into a steep upside channel. I am expecting it to fall lightly into lower trendline support and consolidate for a while finding buyers. I will be looking to go long around 18.59434 if lower channel support holds and we get a nice 3 bar bullish candle formation. I will also be looking at the 2hr chart indicators for signs of divergence and oversold signals. Current momentum long term is sideways channel range bound and mid term momentum is bullish as it just bounced off said lower channel and broke thru wedge upper trendline resistance. Too high risk to long at current price and until action breaks lower channel momentum is bullish. If we get the bounce and target price in yellow i will be looking for a profit target of around 0.236 pullback @ levels in green
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