USDMXN Confirms a Breakout on Support

USDMXN CHART PRICE – USDMXN DAILY

The Us dollar has been losing some ground to the peso lately and it finally had a breakout confirmation of the the support level at 22.16 the Relative strength index is at 42% we expect this to continue dropping, and once it gets closer to 30% we could see a reversal as it could be considered oversold, the bollinger bands are wide enough to expect high volatility which is normally the case with exotic pairs like this, we expect the price to drop to the 21.90 levels before we can see a reversal, price trades below ichimoku cloud but moving averages indicate a downtrend.

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.