(Last Updated May 28, 2020)
Welcome to the news page for USDMXN (USDMXN). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on USDMXN, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
Nuances in the trend on USDMXN can be understood by observing the behavior of its moving averages. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 20 and 50 day averages that imply a bearish trend. Ultimately, this suggests a bearish trend on shorter timeframes, compared to a bullish trend when observing more than 3 months of data.
The chart below illustrates.
As for correlation, Regarding USDMXN’s correlations over the past 7 days, it has been most correlated with EURCAD. If we zoom out to a two week basis, though, USDZAR is the asset most correlated to USDMXN. Alternatively, USDJPY has been the asset least correlated with USDMXN — but over the past two weeks, the asset least correlated with USDMXN has been GBPCHF. 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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Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
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.
As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and trendline technical patterns.
The closest is the 20 day average, which is 7342.1 pips away.
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.
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.
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.
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.