Mexican Peso—The Mexican Peso in the June contract finished lower by 22 points closing at 5177 as I am now recommending a bearish position while placing the stop loss above most recent high which was hit on April 18th at 5287 as the risk is $550 per contract plus slippage & commission as the chart structure is outstanding at the present time.
In my opinion the risk/reward are highly in your favor as the next level of support is around the 51 area as I also have a bullish U.S dollar recommendation at the current time as it looks to me that the Peso has topped out.
At the present time the Peso is trading below its 20 day but still above its 100 day moving average with stands at critical support around the 5120 level so play this to the downside while risking 2% of your account balance on any given trade as the trend has turned south.
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