Stay Short The Mexican Peso

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

Mexican Peso Futures---The Mexican Peso in the December contract is slightly lower this Thursday afternoon down 9 points at 5190 continuing its bearish momentum as I have been recommending the original short position from around 5421 and then recommending adding onto this position from around the 5240 level and if you took the trades the stop loss has now been lowered to 5285 and will improve 4 days from now as well therefore lowering the monetary risk.

The U.S dollar is nearly up 70 points hitting a 3 month high continuing its bullish momentum on a weekly basis as well as I will be looking at recommending another short position in the Peso once the chart structure improves or on any type of price rally as I still think lower prices are ahead.

The Peso is trading far below their 20 and 100 day moving average as this trend is getting stronger on a weekly basis as a double top was created around the 56 level and you have read any of my previous blogs that I have written you understand the definition of exactly what a double top is as its a very important technical indicator.

The next major level of resistance is around the 5100 level & if that is broken I think we could head in the high 40s so stay short & keep a close eye on adding another position possibly in the next couple of days.TREND---LOWER---CHART STRUCTURE: EXCELLENT---IMPROVING

 

 

 

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