How Low Is The Mexican Peso Going ?

12 Oct in Blog, Bonds, commodities, currencies, futures trading, Mike Seery

Mexican Peso Futures--- The Mexican Peso in the December contract has now traded lower 6 out of the last 7 trading sessions down only 12 points this Thursday afternoon at 5274 as I recommended a bearish position from around the 5421 area if you took the trade continue to place the stop loss above the 10 day high which now stands at 5446 as the chart structure will start to improve in next week's trade even more lowering the monetary risk.

The Peso is trading far below its 20 and 100 day moving average telling you that this currencies trend is to the downside with the next level of support at 5100 which is still quite a distance away as I think there is room to run to the downside so stay short as I'm still looking at adding more contracts once the chart structure improves or a significant rally occurs as I remain bearish.

The Peso volatility is relatively low at the present time as this currency can get extremely volatile due to political unrest in Mexico, but at the present time it's a slow grind creating a bearish trend which is the classic bear market in my opinion so stay short while maintaining the proper risk management strategy of 2% of your account balance on any given trade.TREND: LOWER–CHART STRUCTURE: SOLID




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