Our free forex signals service trade today is a buy order on the USD/MXN. The pair will go upside if it finds rejection around the support level.
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The USD/MXN pair is bearish, but we cannot exclude a potential rebound after its massive drop. Technically, the price reached key levels, former lows, indicating a false breakdown below these obstacles, or a major bullish pattern could announce a new leg higher. The pair is trading at 19.766 at the time of writing, above 19.725 yesterday’s low.
Again, technically, the price developed a bullish reversal pattern, but we still need strong confirmation before considering going long.
The US Trade Balance came in at -89.2B, below -88.5B expected. This could be bad for the USD in the short term. Yesterday, the Factory Orders reported a 0.5% drop matching expectations.
ISM Services PMI 58.6 forecasted
Later today, the US ISM Services PMI indicator is seen as a high-impact event, and it is expected to jump from 56.5 to 58.6 points signaling further expansion.
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From the technical point of view, staying above the 19.717 – 19.784 area could signal that the downwards movement ended and that the pair could turn to the upside. Personally, I’ve drawn an ascending pitchfork, hoping that I’ll catch a new leg higher. As long as it stays above the LML, the USD/MXN could give birth to a new swing higher.
Free forex signals – Buy USD/MXN at 19.995
Free forex signals entry price and take-profit
Order Type: BUY STOP
Entry price: 19.955
Stop Loss: 19.646
My Risk: 1%
Risk / Reward Ratio: 1:2.5
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