USD/MXN Forecast: USD Testing Major Trend Line Against Peso forexmarket
Enter your emailThe Mexican peso is not something that you trade for a quick smash-and-grab; you have to be a The US dollar fell a bit on Friday to test a majorThe trend line has been in effect since September, and the fact that we turned around to form a bit of asuggests that we are going to try to defend this area. If we can break above the top of the hammer, then we could turn around and go looking towards the 50 day EMA which currently sits at the 20.80 level.
Keep in mind that inflation in Mexico is running kind of hot, but it is in the United States as well. Quite frankly, the tightening of monetary policy in the United States should start to have an effect on this pair as well. Mexico had raised rates previously, so that has been part of why the market had pulled back so drastically.
The markets do tend to be very choppy, and the spread can be quite drastic when you have thin trading conditions, so you should be very cautious with your position size, and only add as the trade starts to move in your favor.trader, so you should look at it through the prism of having plenty of time to build up your size.
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