USD/MXN Makes Big Move Relative to Past Three Months, Up 5394 Pips; in an Uptrend Over Past 30 Days

USD/MXN Price Recap

USD/MXN is up 5394 pips (2.52%) since yesterday (with its current price near 21.9171), marking the 8th day in a row an increase has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 15.72% from the day prior, but down 34.86% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 4th for the day in terms of day-over-day price change. Below is a price chart of USD/MXN.

USD/MXN Technical Analysis

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 closest is the 20 day average, which is 23309.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USD/MXN’s price has gone up 9 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDMXN, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDMXN ya rompió máximos históricos, pero quiere subir más.Nivel 61% Fibo.TP2 ya es mucha especulación.