Buy USD/MXN – May 9, 2022

Today our free forex signals service trade is USD/MXN sell order. The price will rise if the USD maintains its bullish momentum.

The USD/MXN pair fell at the time of writing as the Dollar Index retreated. Still, the current selloff may only be temporary before it resumes growth. The pair is trading at 20.277 below today’s high at 20.391. Technically, a temporary dip was kind of expected after its incredible rally. As you already know, US data came in mixed on Friday.

The change in non-farm payrolls came in at 428,000 above the 390,000 expected, and average hourly earnings rose 0.3% less than estimates of 0.4%. At the same time, the jobless rate remained at 3.6%, although traders expected a potential drop to 3.5%. In the near term, USD/MXN could test and retest short-term downside barriers before resuming growth.

Ending inventories of wholesalers 2.3% expected.

Basically, the US needs to release wholesale ending inventories, which are expected to rise 2.3%. From a technical standpoint, a valid break above the upper middle line (UML) can signal an upward continuation.

A new high, jumping and closing today’s high at 20.391, could bring new long opportunities. However, the bullish scenario could be invalidated by a valid breakdown below 20.194.

3 Free Forex Weekly – Comprehensive Technical Analysis

Free forex signals – Buy USD/MXN at 20.404

Free forex signals entry price and 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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