USD/MXN Price Recap
The back and forth price flow continues for USD/MXN, which starts today off at 18.799201 US dollars, up 164 pips 0.09% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 4.25% from the day prior, but up 21.45% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 18th 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 200 day moving averages, which may act as price barrier for the asset. 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 938.1 pips away. 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 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USD/MXN’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
We still below a daily trendline. So we should see more of a drop on this exotic?See if this fits into your idea and follow if you like our ideas!Regards,FIBZ