USDMXN reached last month a key resistance near 19.2745. As you can see on the daily chart below, resistance has been fought since then, which has so far indicated a deadlock between buyers and sellers.
However, when we go to the 4-hour chart, we notice that something starts to change. Pair broke support line extended from the October 18th low. True, this is not yet a signal confirming the direction of the downturn, but is the first indication of possible reversal.
If the sellers were able to reach the full sequence where a lower high was set and then the lower low was broken, then we could name it as a short-term downward trend.
At the same time, the key aim for the declines could be support area around 18.3180, which was previously also a resistance. Bearish attitude on this pair will be questioned only when the pair will close above the maximum from the current week 19.3685.
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