USD/MXN Tops All Forex, Breaks Above 200 Day Average; But Still in a Downtrend Over Past 90 Days

USD/MXN Price Recap

USD/MXN is up 2027 pips (1.06%) since yesterday (with its current price near 19.279799), marking the 5th day in a row it has gone up. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 21.81% from the day prior, and up 582.41% from the same day the week before. USD/MXN outperformed all 40 assets in the Forex asset class yesterday. Congrats to its holders! Or, to put it another way…

via GIPHY

Anyway, without further ado, here is a price chart of USD/MXN.

USD/MXN Technical Analysis

Notably, USD/MXN crossed above its 200 day moving average yesterday. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDMXN, with 0 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

Downside risks growing for Mexican Peso as coronavirus spreads to Latin America, alongside near record Peso bulls.