USDMXN Almost Reached Its Resistance at 23.01

USDMXN CHART PRICE – USDMXN DAILY

The price almost reached 23.01 yesterday and then it bounced back to the 22.65 levels today, current price sits at 22.71, we need to wait for the price to move either way to make a trading decision, after almost reaching the resistance the natural thing the price should do is to bounce back all the way to 22.16 which is the support level, however it actually recovered a few pips, Relative Strength Index is at 53% and the bollinger bands are forming a bracket patter which usually means there will be  change in trend, right now we dont have all the information needed to make a decision so we will wait, monitor RSI levels, as well as the price, I feel it could go back to its resistance before it starts dropping again. If we see that the RSI level gets lower then we could place a short trade.

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.