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