FX.co ★ USD/MXN trapped between 16.901 - 16.710

USD/MXN Sideways Movement!

The USD/MXN pair is trading at 16.795 far below today's high of 16.901. As you can see on the h1 chart, the rate is trapped between the downtrend line (upside obstacle) and the lower low of 16.710 (downside obstacle).

In the short term, it could move sideways. As long as it stays below the downtrend line, the price could drop at least until 16.710.

USD/MXN Trading Conclusion!

Dropping below 16.710 activates more declines and is seen as a selling opportunity.

Jumping above the downtrend line and through 16.901 announces a larger growth.