FxWirePro: USD/MXN shooting stars plummet prices below DMA and EMAs, momentum oscillators indicate mounting bearish sentiments

After shooting star at 18.8058 on daily and at 20.8275 levels on monthly charts, the current prices have dipped constantly, now tumbled below 7DMA and EMAs.

Ever since the failure swings at stiff resistances of 19.1907 levels, the bearish rallies well supported with momentum confirmation by leading oscillators.

No traces of stern bullish indications, for now, downtrend can drag upto next strong supports upto 17.1235 levels.

For now, the bull swings are restrained below 7DMAs (on dailies) and 21EMAs (on monthlies). The major uptrend now in retracing mode while the short-mid-term trend has been bearish, next immediate strong support is seen at 17.8939 levels.

RSI and Stochastic on monthly terms signal bearish momentum as they converge to the ongoing price dips, on the other hand slightly indecisive on dailies.

To substantiate this bearish stance, MACD on both timeframes signals the bearish trend likely to prevail further.

Well, overall, short-midterm selling sentiments are lingering. Subsequently, on intraday speculative grounds the best way to approach this pair is to deploy below advocated binary put option strategy. That would likely add magnifying effects to the yields.