Is The Mexican Peso Going To 55 ?

Is The Mexican Peso Going To 55 ?
Is The Mexican Peso Going To 55 ?

Mexican Peso Futures—The Mexican Peso is currently trading higher by 24 points at 5001 reversing some of the losses that we witnessed in yesterday’s trade as prices are still hovering right around a 3 month high. I have been recommending a bullish position over the last several weeks from around the 4955 level and if you took that trade continue to place the stop loss at 4575 as an exit strategy, however come next week that stop will be raised to the 10-day low therefor reducing the monetary risk substantially.

The Peso is trading far above its 20 and 100 day moving average as the trend is strong to the upside as the volatility however has come to a call as we grind higher on a weekly basis which is fine in my opinion, but I do think we will start to see larger price swings. I will be looking at adding more contracts once the risk/reward comes more in your favor in the coming days ahead as adding to winning trades and exiting losers quickly is the way to go over the course of time.

If the contract high is broken then prices could trade up to the 55 level in the coming months ahead especially if the volatility increases which historically speaking has in the past so stay long as I see no reason to short any commodity at the present time as quantitative easing continues to push asset classes higher. 

 

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: LOW

 

 

 

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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