MXN. Target 16.3118. How confident is this target, none, zilch. This says we are still a little off in our targets. I see exactly what’s going on. Better target is long to 1.2567 then reverse short. Should this target miss then 16.2704, 16.2842. Price must cross above 16.2025. Point is vital because its a range point. On the way up, 16.2049, 16.2255, 16.2462, 16.2567, 16.2704, 16.2842. Incase, shorts need a break of 16.2024 to target the range bottom at 16.1214. Don’t marry the trades.
Bottom 16.1214. Range break below 15.8833, above 16.5265. The ranges are wide. Ranges are wide for all our currency pairs and one main reason why EUR missed this morning. Usually takes 1 day to achieve normalcy. But note how our trades are within overall ranges.
MXN Forwards are found today between 16.2835 and 16.1214.
Brian Twomey, Inside the Currency Market, btwomey.com