I Remain Bullish The Mexican Peso

I Remain Bullish The Mexican Peso
I Remain Bullish The Mexican Peso

Mexican Peso—The Mexican Peso in the June contract is currently trading higher by 28 points at 4954 as prices are hovering right near a 3 month high. I have been recommending a bullish position from around the 4575 level and if you took that trade continue to place the stop loss under the March 8th low of 4575 as an exit strategy as the trend continues to the upside as you have to remember the path of least resistance is the way to trade generally speaking.

The Peso is trading above its 20 & 100 day moving average as the trend is to the upside with the next major level of resistance standing at the 5000 level and if that is broken I then think  prices could be off to the races as I do believe the U.S dollar is headed back into a bearish trend.

The Mexican economy is largely based off of the price of oil as the higher crude oil goes the stronger the Mexican Peso goes as I think both of these are in a longer-term secular bullish trends so continue to play this to the upside and if you are not involved wait for some type of sell off before entering into a bullish position therefor lowering the risk. 

TREND: HIGHER 

CHART STRUCTURE: IMPROVING

VOLATILITY:AVERAGE

 

 

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com 

 

TWITTER—@seeryfutures 

 

 Email: mseery@seeryfutures.com

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