USDMXN Undecided

USDMXN CHART PRICE – USDMXN DAILY

The US dollar has been relatively steady in the last 6 trading sessions, we have not seen the big moves it has us used to, it has not been able to reach or break the resistance level at 23.01 nor the support at 22.16, it has started the session with a small loss, which now has the price trading under the ichimoku cloud, at this point we could expect the price to fall a little bit before it starts regaining strength and be able to break that resistance level, before this happens I believe that the price will fall very close to its support and then bounce back to the resistance level, this is a medium term prediction as it could take a few days to do so. The Relative Strength Index is very average, just at 49%, which does not really help us determine a trend in this particular pair, we would need to see this number move more towards an extreme in order to use it as an entry indicator the moving averages are indicating an uptrend still but they are very close from crossing, getting closer and closer to each other, bollinger bands are wide but you can see they are starting to close a bit, we do not expect much change in the next few hours for this pair.

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.