USDMXN Breaks Support Level

USDMXN CHART PRICE – USDMXN DAILY

The US dollar lost ground and broke the resistance at 22.16, current price is at 22.0186 with high possibilities of downtrend in the short term, the Relative Strength Index also dropped from  50 to 36% in just two trading sessions, this for me is a good indicator that the downtrend could continue for a bit more, once it gets closer to that 30% it would be considered oversold and the markets could start reacting to this, the change was big, hence the RSI went low very fast, we see that the bollinger bands were wide but now they are starting to close down a little bit, meaning we might not have a lot of volatility for the remaining of the trading session, moving averages look like they are gonna cross very soon, also indicating that the downtrend could continue, the price is trading under the ichimoku cloud which is another indicator that the downtrend could continue, for all those reasons its only natural to assume the price is gonna continue its downtrend, we could expect the price to reach or get very close to its support level in a few days.

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.