USDMXN Breaks Support

USDMXN CHART PRICE – USDMXN DAILY

The US dollar had a very busy day with high volatility but i was unable to hold the gains it made during last session, today it is down and broke the support level that it had just passed (previously a resistance) and while the relative strength index is not yet on an oversold status, its currently at 36% and we can expect the price to continue its downtrend for a bit more before we see a recovery from the US dollar, the bollinger bands are getting wider on the ends indicating that a trend change could arrive soon and the moving averages are steadily moving downwards, I would wait a few more hours before placing a long trade, once the rsi gets closer to 30% it would be time to place the 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.