USDMXN Slightly Recovers After Breakout

USDMXN CHART PRICE – USDMXN DAILY

The US dollar had a small gain in the last two trading sessions after breaking the support level at 22.16, the pair currently trades at 21.94 in the previous sessions the USD made some progress but never made it back to the resistance, at this point the air is not yet considered oversold, the relative strength index is at 40% meaning that we could expect the price to continue falling a bit more, it’s likely that it won’t make it to the support level soon, but we could expect that in the next few days, the bollinger bands are getting pretty wide, hence we expect high volatility while the price is trading under the ichimoku cloud, there was a cross on the long and short term moving averages, indicating that the downtrend could continue.

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.