Free Forex Signals and Forecast: Buy USD/MXN – 9 May 2022
Forex Trading Signals

Free Forex Signals and Forecast: Buy USD/MXN – 9 May 2022

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

usd/mxn free forex signals

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

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.