Mexican Peso—The Mexican Peso in the June contract is trading higher for the 2nd consecutive session up 2 points at 5103 consolidating the recent downdraft in prices that we experienced due to the fact that President Trump is going to slap tariffs on the country of Mexico unless they do something about the illegal immigration.
I have been recommending 2 bearish positions with an average price of 5160 and if you took those trades and stop loss has now been lowered to 5259 as an exit strategy as the chart structure will start to improve in next week’s trade therefor lowering the monetary risk.
The Peso has bounced off of major support and for the bearish momentum to continue we have to break the 5016 level in my opinion and if that does occur lower prices look to be ahead. The Peso is trading below its 20 and 100 moving average also experiencing a head and shoulders top chart pattern which is a bearish technical indicator towards prices as that worked well on this trade. If the tariff situation does not occur the Peso will rally, however if it does occur this market could head substantially lower as this would be a very negative towards the Mexican economy so stay short.
CHART STRUCTURE: IMPROVING
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