The currency pair of the US Dollar vs Mexican Peso continues to move within the framework of the formation of the bearish model «Wolfe Wave». At the time of publication of the forecast, the US Dollar rate for the Mexican Peso is 19.55. At this point, we should expect an attempt to test the resistance level near the area of 19.75 and the beginning of the fall of the pair into the area below the level of 19.05.
USD/MXN forecast Mexican Peso September 6, 2018
In favor of lowering the quotations of the Mexican Peso, a resistance area test will be performed on the indicator of relative strength index (RSI). Canceling the USD/MXN decline on Forex will be a strong growth and breakdown of the area of 19.95, which will indicate the breakdown of the upper boundary of the «Wolfe Wave» model and the continued growth of quotations in the area above the level of 20.50. To expect confirmation of the fall of the pair is with the breakdown of the lower border of the channel and the closing of quotations of the pair USD/MXN below the level of 19.35.
USD/MXN forecast Mexican Peso September 6, 2018 suggests an attempt to test the resistance area near the level of 19.75 and continue falling into the area below the level of 19.05, an additional signal in favor of the pair’s decline on Forex will be a test of the resistance area on the indicator of relative strength index (RSI).
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