US Dollar on a Dive

USDMXN CHART PRICE – USDMXN DAILY

USD has been losing ground to the mexican peso in the last 4 trading sessions, it’s getting closer to its support level at 22.166 , currently it closed the week at 22.38 we can expect the price to drop on the reopening of the session, exotic pairs tent to move aggressively on the weekends, which causes gaps, this could be a good and a bad situation depending on which side of the trade you took, we can see that the Bollinger Bands are closing up but they are spread apart, so we can expect volatility during the reopening, the relative strength index has been dropping since June 29th, it is currently sitting at 46%, this indicates that the downtrend could continue over the next week, the price is trading under the Ichimoku cloud which also indicates that we could expect the price to continue dropping at least to  its support level, after that we would need to wait and see how the chart looks in order to make a 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.