USDMXN - On its way to 18.90 and lower!
Updated
The Mexican peso looks strong. It broke to the downside during the US session and bottomed today at 18.95.
I see two supports. The immediate support is the 18.90 area. If we break that support, we could go to the second strong support at 18.75, especially if oil price does not fall.
Also, both the daily MACD and RSI give us a bearish signal.
On the other hand, if we go bullish, I expect the prices to go to 19.15.
However, as I mentioned, I am more in favor of a downside.
I see two supports. The immediate support is the 18.90 area. If we break that support, we could go to the second strong support at 18.75, especially if oil price does not fall.
Also, both the daily MACD and RSI give us a bearish signal.
On the other hand, if we go bullish, I expect the prices to go to 19.15.
However, as I mentioned, I am more in favor of a downside.
Note
Trump announced tariffs on all goods coming into the USA from Mexico. Bad news for the Mexican peso since Mexico relies too much in the USA.
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