USDMXN Pattern like the 2008 crisis. Opportunity for +15% profitThe pair made a strong Parabolic Rise in March pushing the 1D chart to its limits. Now technicals have found a normal balance (RSI = 58.931, MACD = 0.972, ADX = 49.001) as the price is trading on a range. This is similar to the 2008 trading pattern of the Mortgage Crisis, when after a Parabolic Rise, USDMXN entered a range (was an Ascending Triangle then) before a new Top.
So far it appears the the COVID pandemic is repeating the same psychological patterns of the 2008 Mortgage Crisis. QE and stock market fear are the key factors. If USDMXN repeats the whole sequence then we can expect the next Top to be roughly +9% from the current one which makes for a $28.00 target. That is roughly a +15% profit opportunity from the current levels.
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