USD/MXN Up 1694 Pips, Crosses 100 Day Moving Average; Price Base in Formation Over Past 30 Days

USD/MXN Price Recap

USD/MXN is up 1694 pips (0.9%) since yesterday (with its current price near 19.0696), marking the 3rd day in a row an upward move has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 7.01% from the day prior, and up 24.03% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 2nd 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

Notably, USD/MXN crossed above its 100 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 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.

Spot USD/MXN price action hits an eleven-week high with the US Dollar spiking 3.5% against the Mexican Peso over the last four trading days to test its 200-DMA as coronavirus concerns run rampant.