USD/MXN: Chart Of The Day

The descending wedge is a good reversal pattern once the descending trendline is broken. In this case, this is near the 20.000, a key “big figure” traders are watching. I am sure near term, traders who are long EM currencies like the MXN as stock hit record highs are wondering why their positions are not working better and seeing a stronger move lower in ?

Me, I am asking myself: “I wonder where their stops are at?” My assumption is above the 20.0000 level. 

USD/MXN Daily Chart.
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