USDMXN Closer to Support

USDMXN CHART PRICE – USDMXN DAILY

The US dollar could close the day with a small loss, which puts the price very close to its support level at 22.16, it’s very likely that it could reopen with a gap on monday session, the Relative Strength Index is at 49% remaining unchanged for the last three trading sessions, the bollinger bands are wide but not wide enough to support a trend change, I believe that the price could come down to the 22.17 levels before it starts climbing back up to the resistance level at 23.02, there is an opportunity to capitalize on the downtrend before its done, once it hits the support, we would need to wait and see if it has a breakout or if it just tests it and goes back up, the moving averages indicate a downtrend could continue, while the price trades under the Ichimoku cloud.

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.