Watch for USDMXN Potentially Oversold

USDMXN PRICE CHART – USDMXN DAILY

Price has almost reached its new resistance level at 21.31 but we see that RSI is barely above 30%, in the next hours we would see how the pair behaves, we could expect a potential change in trend if RSI falls lower than 30% as markets are gonna react to the oversold status,USDMXN reached its lowest since March 13th at $21.15035.

Bollinger bands are still wide, we can expect volatility in the next few hours, my technical indicators say that the downtrend will continue, however we need to keep an eye on that RSI level, the resistance has not been touched at 21.31401 and that is still the target price, although it is recommended to set Take Profits at an 80% of the difference between the support and the resistance, this would be 21.48445 as you can see the red line in the graph.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.