(Last Updated February 24, 2021)
Welcome to the news page for USDMXN (USDMXN). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| Mexico Mid-month Core Inflation Rate MoM | Feb 2021 | Mexican Peso | MXN | 2021-02-24 | 12:00 GMT | 0.25% | 0.22% |
| Mexico Mid-month Inflation Rate YoY | Feb 2021 | Mexican Peso | MXN | 2021-02-24 | 12:00 GMT | 3.88% | 3.84% |
| Mexico Mid-month Inflation Rate MoM | Feb 2021 | Mexican Peso | MXN | 2021-02-24 | 12:00 GMT | 0.27% | 0.23% |
| United States New Home Sales MoM | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 2.1% | |
| United States New Home Sales | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 0.855M |
A trend/countertrend situation exists on USDMXN, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
Nuances in the trend on USDMXN can be understood by observing the behavior of its moving averages. The 20 and 50 day averages are pointing upwards, suggesting a bullish trend, while the 100 and 200 day averages are pointing downward, suggesting a bearish trend on those timeframes. This implies that the long-term trend — meaning going back over 3 months — is bearish, while the trend over the past month and a half is bullish.
Below is a chart showing USDMXN’s price with its moving averages.
In terms of correlations over the past week for USDMXN, it has demonstrated the strongest correlation with EURNOK. If we zoom out to a two week basis, though, the asset showing the strongest correlation to USDMXN is EURCHF. Alternatively, USDZAR has been the asset least correlated with USDMXN — just the same as it has been over the past two weeks. See the chart below to observe the recent price action in USDMXN versus those of assets it hasn’t been well correlated with.
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At the time of this writing, USDMXN’s rate is up 739 pips (0.36%) from the week prior. Moreover, note that this is the 2nd straight week USDMXN has seen its price head up. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows USDMXN’s price action over the past year.
Strongest trend on the 120 month timeframe.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
Price action traders may also wish to note that we see a doji candlestick pattern on usdmxn.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
Or to simplify this another way, note that out of the past 14 days usdmxn’s price has gone down 8 them.
The closest is the 50 day average, which is 317.8 pips away.