With Trump's latest foot in mouth controversy, it makes sense to have a look at USDMXN and see where we can buy the peso. It looks to me that we've seen a blow off top into 20.00 and although I'm unwilling to fade USDMXN strength, I will sell weakness. I've identified 19.15 as the area to sell a clean break with a stop above 19.30 for realistic targets near 18.50 and the potential for a much deeper breakdown if those levels are breached.
Sell USDMXN: 19.15 (break)
Stop: 19.28
TP1: 18.50
TP2: 17.00
Sell USDMXN: 19.15 (break)
Stop: 19.28
TP1: 18.50
TP2: 17.00
Comment:
It worked.