Mexican Peso Futures--- The Mexican Peso settled last Friday at 5286 while currently trading at 5278 basically unchanged for the trading week as I'm still looking at a bullish position if prices break 5317 on a closing basis and if that does occur I will place the stop loss under the 2 week low standing at 5207 as the risk is around $600 per contract plus slippage & commission.
Volatility in the Peso is relatively low at the current time, but it looks to me that higher prices are ahead as we are still trading above their 20 and 100 day moving average as the true trend is higher to mixed and I do think the volatility will start to expand as historically speaking this can be a wild currency with large price swings on a daily basis.
If the breakout does occurs the next major level of resistance is all the way up at the 5400 level as there is room to run to the upside as the risk/reward is in your favor due to the fact of the outstanding chart structure so look to play this to the upside in my opinion.
CHART STRUCTURE: EXCELLENT
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