USD/MXN Down 9 Pips Over Past 4 Hours, 2 Day Down Streak Snapped; is Inching Close to 20 and 50 Day Averages
The closest is the 50 day average, which is 723.9 pips away.
USDMXN
(Last Updated July 2, 2020)
Hello! This is the news page for USDMXN. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
A trend/countertrend situation exists on USDMXN, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.
USDMXN Moving Averages
USDMXN’s moving averages tell a multi-facted story about its trend. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 50 are bullish, suggesting the trend is generally upward, save for a drop that occurred about 2 months ago.
The chart below illustrates.
Regarding USDMXN’s correlations over the past 7 days, it has been most correlated with GBPAUD. Over the past 14 days, however, GBPCHF is the asset most correlated to USDMXN. On the flip side, the asset least correlated with USDMXN over the past week has been CHFJPY, but over the past two weeks, the asset least correlated with USDMXN has been CADJPY. The chart below illustrates USDMXN against its least correlated assets.
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USD/MXN Up 281 Pips in Last 4 Hours, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 30 days usd/mxn’s price has gone down 17 them.
USD/MXN Down 433 Pips Over Past 4 Hours, 2 Day Down Streak Ended; in a Downtrend Over Past 90 Days
As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.
USD/MXN Down 968 Pips Over Past 4 Hours, 3 Day Up Streak Ended; in an Uptrend Over Past 14 Days
For additional context, note that price has gone down 16 out of the past 30 days.
USD/MXN Down 370 Pips On 4 Hour Chart, in a Downtrend Over Past 90 Days; Eyes 100 Day Average
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.
USD/MXN Up 547 Pips On 4 Hour Chart; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone up 8 out of the past 14 days.
USD/MXN Up 659 Pips On 4 Hour Chart, Came Into Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart
This imputes a buy/sell ratio of 0.2, which is quite bearish.
USD/MXN Up 1320 Pips Over Past 4 Hours, Moves Down For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days
Or to simplify this another way, note that out of the past 30 days usd/mxn’s price has gone down 19 them.
USD/MXN Up 248 Pips On 4 Hour Chart, Fares the Worst Out of Forex; Moves Down For the 2nd Day In A Row
This imputes a buy/sell ratio of 2, which is bullish.
USD/MXN Down 355 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone up 7 out of the past 14 days.