USDMXN Against All Odds

USDMXN CHART PRICE – USDMXN DAILY

The peso has had two good trading sessions recovering almost 2% over the US dollar, currently it is trading at 21.99 and at this instance it could be expected that the price of the USDMXN pair will continue to fall, the relative strength index fell drastically to 52% after being at 65%, it failed to enter an overbought status but the market anticipated this and began to close long trades to place short ones, the bollinger bands opened very aggressively and now the price is relatively high as it trades closer to the upper band, a crossing of the moving averages was expected, but recent losses will cause them to separate a bit, for now the downtrend seems to have begun and it would be the most logical thing to open short positions, although it seems somewhat hasty , but there is no technical evidence that the price can recover on this trading session.

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.