USDMXN Finds Resistance at 21.75

USDMXN CHART PRICE – USDMXN DAILY

The US dollar found a resistance level at 21.75 in yesterday’s session, it looked like the downtrend was solid, however external fundamental factors helped the US dollar recovery of 1.6%, today we see that the price is falling, it’s too early to tell, but it looks like it is heading towards the support level at 21.40 but it could take some time, the relative strength index is at 48%, the price is very close of a cross with our short term moving average, which would indicate a downtrend, and a cross between our short and long term moving averages could also happen if the price continues to drop a bit more.

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.