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Usd/ Mxn – Is There A Further Extended Drop?

  • Sep 19
    Usd/ Mxn – Is There A Further Extended Drop?



    Interesting
    to see the green buck has lost ground against the Mexican peso after a
    really strong bull rally and price has reached and being held at the
    trading month of June low level price handle of 21.49428.To get more
    news about WikiFX, you can visit wikifx official website.

      Currently,
    the market sentiment may suggest that there is a strong bearish or
    selling pressure with a much defined descending channel makings lower
    high and lower lows which can be viewed really by the market participant
    on the 4 hour chart. In addition, sellers may be dictating their
    intention when they broke past the 200 MA and retested it as a
    resistance confluence band.
    Now, is this a pair a good swing selling
    opportunity for swing and position traders? Very highly likely as the
    sellers made a dash past the trading month of June low level with a
    strong red momentum candle during the close of yesterday trading
    session.

      Of course, ones discretion and risk management is advised.


      Jasper
    Njuguna is a self-taught discretionary financial markets trader. With
    cumulative 5 years experience trading the markets and out of which, one
    and a half years of that as a prop trader, trading large and mid-cap
    American equities at one of the DAY TRADE THE WORLD offices.

      Prior
    to switching career interest to trading, I have 9 years of experience
    in senior management roles driving small to large business development
    and B2B relations in creating and implementing; learning &
    development solutions, programs, organizational strategies &
    frameworks, and blended learning approaches for companies and
    institutions in Africa