A Breakout Is Looming In The Mexican Peso

Mexican Peso Futures--- The Mexican Peso in the June contract is currently lower by 14 points trading at 5256 as this has a very interesting chart pattern as we have been in a tight consolidation over the last 8 trading weeks as a breakout is looming in my opinion.

If prices break 5324 to the upside place the stop loss under the 10 day low standing at 5231 risking $500 plus slippage & commission as the chart structure is outstanding, however on the flip side if prices break the 5 week low of 5182 then place the stop loss at 5324 as the risk would be $700 per contract plus slippage & commission so be nimble and let's see which way the breakout occurs.

The Peso is right at its 20 day but still above its 100 day moving average as clearly the trend is mixed to sideways as my consolidation theory states the longer you trade in a sideways pattern the stronger the breakout as there is a price gap on the daily chart all way down at 5130/5150 as it looks to me that the U.S dollar is headed higher & the Peso is headed lower.

Traders are awaiting the Federal Reserve statement on interest rates as that will certainly influence all the currency markets as we could be involved in the Peso tomorrow afternoon so keep a close eye on this market as the chart structure is outstanding therefore the risk/reward will be in your favor in either direction.




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