FX.co ★ USD/MXN: larger drop below 17.959

USD/MXN Finds Temporary Demand!

The currency pair is trading at 18.032 at the time of writing. As you can see on the H1 chart, the rate failed to jump above the 18.418 historical level indicating exhausted buyers. Dropping below the uptrend line announced a potential reversal.

Now, it has dropped as much as 17.959 where it has found demand again. It tries to rebound in the short term, but the sellers seem strong as after the rate failed to retest the uptrend line.

USD/MXN Trading Conclusion!

Dropping below 17.959 activates more declines and brings new selling opportunities.