Today, our free forex signals service trade is a sell order in USD/MXN. The price will go up if the USD maintains its upside momentum.
The USD/MXN pair dropped at the time of writing as the Dollar Index retreated. Still, the current sell-off could be only a temporary one before resuming its growth. The pair is trading at 20.277 below 20.391 today’s high. Technically, a temporary drop was somehow expected after its amazing rally. As you already know, the US data came in mixed on Friday.
The Non-Farm Employment Change came in at 428K above 390K expected, and Average Hourly Earnings rose by 0.3% less than 0.4% estimates. At the same time, the Unemployment Rate remained at 3.6%, even if the traders expected a potential drop to 3.5%. In the short term, the USD/MXN pair could test and retest the near-term downside obstacles before resuming its growth.
Final Wholesale Inventories 2.3% expected.
Fundamentally, the US is to release the Final Wholesale Inventories, which is expected to grow by 2.3%. From the technical point of view, a valid breakout above the upper median line (UML) may signal an upside continuation.
A new higher high, jumping and closing today’s high of 20.391, could bring new long opportunities. However, the bullish scenario could be invalidated by a valid breakdown below 20.194.
3 Free Forex Every Week – Full Technical Analysis
Free forex signals – Buy USD/MXN at 20.404
Free forex signals entry price and take-profit
Instrument: USD/MXN
Order Type: BUY STOP
Entry price: 20.404
Stop Loss: 20.180
TP1: 20.741
My Risk: 1%
Risk / Reward Ratio: 1:1.5
Looking to trade forex now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Share
