Mexican Peso Stuck In 7 Week Consolidation

Mexican Peso Stuck In 7 Week Consolidation
Mexican Peso Stuck In 7 Week Consolidation

Mexican Peso—The Mexican Peso in the June contract is up 51 points or 1.25% at 4146 looking to break out of a tight 7 week consolidation pattern as it looks to me that a bottom has finally been created.

I will be recommending a bullish position if prices close above 4254 as the risk/reward is in your favor due to the low volatility as prices are now trading above their 20-day, but still below their 100 day moving average as prices are still down 20% from the February high.

Historically speaking the Peso is very cheap as Mexico is a large producer of oil and when the oil market collapsed so did the Peso, but now that situation may have changed as crude has had a substantial rally over the last couple of weeks and that should be supportive towards the Peso so look to play this to the upside.

TREND: MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

 

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