Inside the Currency Market: MXN

Note EUR/USD remains above reported 1.1159 for last 7 hours. The same holds for EUR/JPY at 138.31. More at 9:30.Great forward indicator MXN. The payout is about 60 cents per pip or $6 per pip on a full standard lot. The complement is $1 for EUR/USD or $10 per pip on a full lot. The overall trend for MXN is up as has been the case for the past 1 1/2.

MXN/USD. Bottom 16.2160. Range break above 16.3790, below 16.2161. Note 1 pip divergence between range and bottom. Overbought sell point 16.4116.

Strategy. Long to 16.4116 if price remains above 16.2976. A miss at 16.4116 then 16.3818, 16.3967. Then reverse to 16.3546 then 16.2976. Points on the way up, 16.3098, 16.3256, 16.3415, 16.3521,16.3818, 16.3967, 16.4116.

Thank you again as always my friends at FXstreet

Brian Twomey, Inside the Currency Market, btwomey.com

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