USDMXN Continues Downtrend

USDMXN CHART PRICE – USDMXN DAILY

The mexican peso has been gaining ground consistently to the US dollar, with the exception of one trading day, the peso has managed to break the last resistance in our adjusted Fibonacci Retracement, we could see the price drop as low as 21.26 before it tried to make a recovery, the Relative Strength Index is at 42% meaning that there is still potential for a short trade, the bollinger bands are very wide and we can expect high volatility, and the price is relatively at a good level, not too high and not too low, although is a bit closer to the lower bollinger band, the price is below the short and long term moving averages of 20 and 40 days, giving us evidence that the downtrend could continue for the short term, I would recommend traders to stay out of this pair during the weekends as it tends to reopen with big gaps, it’s a risky move since you could have negative slippage on the reopening of the 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.