FxWirePro: USD/MXN bounces back over again after testing 7-DMA, Dollar strength index move in sync with mammoth volumes

The current prices spike to 20.417 levels testing support at 7DMA, rallies well above DMAs after taking strong support at 18.4529 with bullish crossover.

Huge volumes are formed on rising prices on both daily and monthly terms.

On the contrary, shooting star at peaks evidencing price declines from last two-three days, but we suggest you that don’t get bear trapped, these slumps seem to be profit booking, not the panicky sells.

The upswings likely to prolong as major uptrend is in convergence with mammoth volumes

The FxWirePro Dollar Strength Index flashes with the positive 141 which indicates highly bullish environment ahead of today’s US manufacturing sales and PPI numbers.

The index that is weighted based on volumes traded on eight currency crosses pops up positive 100 signifies the extremely bullish environment of that currency on the hourly base. You could probably make this out in USDMXN pair’s convergence of price upswings and volumes build ups.