USD/MXN 3 Day Down Streak Ended, in a Downtrend Over Past 90 Days; Eyes 20 Day Average

USD/MXN Price Recap

USD/MXN is down 417 pips (0.22%) since yesterday (with its current price near 18.653399), marking the 2nd day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 11.46% from the day before — and down 36.73% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 32nd for the day in terms of day-over-day price change. Below is a price chart of USD/MXN.

USD/MXN Technical Analysis

Coming into today USD/MXN is now close to its 20, 50 and 100 day averages, located at 18.7334, 18.9034 and 19.1257 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone down 16 out of the past 30 days.

The View From Around the Web

Not much commentary on USDMXN that we’re finding noteworthy here; are y’all just scared to put out an opinion? 🙂 Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

The Mexican Peso trades near 16-month highs against the US Dollar, but spot USD/MXN price action could be at risk of reversing higher ahead of an expected Banxico interest rate cut due this week.