USDMXN Finds Setback

USDMXN CHART PRICE – USDMXN DAILY

After an 3 amazing trading sessions that started the week the US dollar looked like it could reach higher levels before finding a setback, however the mexican government decided to lower interest rates which directly affected the exchange rate on the USDMXN pair, this fundamental factors affect the exchange rate rapidly, after a full session I consider that it is still not a good time to go long, the Relative Strength Index is at 58%, it had a significant drop on the percentage from previous days, the price trades above the higher bollinger band, suggesting that the price is relatively high. Moving Averages started to move up rapidly but it will take more time for them to cross in the event of a continuity on the uptrend. We would wait for more clarity in the market, once they settle a bit we would make our trading decision.

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.