Our free forex signals service trade today is a buy order on the US/MXN pair.
The USD/MXN registered a strong downside movement lately but it seems that it has found support.
Still, in the short term, the pressure remains high, it could come back down to test and retest the immediate support levels before jumping higher.
The currency pair could start rising again if the DXY resumes its upwards movement. Yesterday, the CB Leading Index registered a 1.1% growth versus 0.9% expected and compared to 0.9% in the previous reporting period.
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US Current Account -215B
Unfortunately for the USD, the United States Current Account was reported at -215B below -206B expected and compared to -198B in the previous reporting period. The USD needs strong support from the US economy to be able to take full control and to dominate the currency market.
Tomorrow, the US Final GDP is expected to register a 2.1% growth, the CB Consumer Confidence could grow from 109.5 to 111.1, Existing Home Sales indicator is expected to jump from 6.34M to 6.55M.
From the technical point of view, the USD/MXN pair could develop a new leg higher if it stays above the 20.699 – 20.747 demand zone. The upside will be invalidated by a bearish closure below the 20.699, that’s why my SL is hidden below this obstacle.
Free forex signals – BUY USD/MXN at 20.844
Free forex signals entry price and takes profit
Instrument: USD/MXN
Order Type: BUY STOP
Entry price: 20.844
Stop Loss: 20.684
TP1: 21.213
My Risk: 1%
Risk / Reward Ratio: 1:2.3
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