Chart of the Day -USDMXN- (Nov. 28th 2018)

29th November 2018 Off By binary
Chart of the Day -USDMXN- (Nov. 28th 2018)

The USDMXN is breaking lower out of an ascending wedge.

The USDMXN has broken lower out of an ascending wedge, and what makes this potential so good for shorts is the RSI has also been divergent on the last move higher the last few weeks. A move lower could target the 19.9000 level as this would be the 38% retracement of the October lows to November highs. In addition, the stock market is moving higher in a bounce which is usually supportive of emerging market currency strength like the MXN.

ForexAnalytix.com/blog/wp-content/uploads/2018/11/usdmxn.png” alt=”USDMXN Ascending Wedge” title=”USDMXN Daily Chart” itemprop=”contentURL”>

Blake Morrow

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