USD/MXN Price Recap
USD/MXN is down 338 pips (0.18%) since yesterday (with its current price near 18.619599), marking the 3rd day in a row it has gone down. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 11.45% from the day before — and down 28.84% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 27th for the day in terms of day-over-day price change. Let’s take a look at price chart of USD/MXN.
USD/MXN Technical Analysis
The first thing we should note is that the current price of USD/MXN is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USD/MXN’s price has gone down 8 them.
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 central bank is expected to make a series of interest rate cuts this year to help reboot the ailing economy. Demand for the Mexican Peso however should remain strong.