USD/MXN Down 664 Pips, Breaks Below 20 Average; in a Downtrend Over Past 90 Days

USD/MXN Price Recap

The choppiness in the recent daily price action of USD/MXN continues; to start today, it comes in at a price of 18.6951 US dollars, down 664 pips (0.35%) since yesterday. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 13.61% from the day before — and down 14.69% from the same day the week before. Relative to other instruments in the Forex asset class, USD/MXN ranked 36th yesterday in terms of percentage price change. Let’s take a look at price chart of USD/MXN.

USD/MXN Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USD/MXN crossed below its 20 day moving average yesterday. Volatility for USD/MXN has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 15 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.