USD/MXN Up 2170 Pips; in an Uptrend Over Past 14 Days

USD/MXN Price Recap

USD/MXN is up 2170 pips (1.13%) since yesterday (with its current price near 19.4968), marking the 6th 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 18.68% from the day prior, and up 255.66% from the same day the week before. Relative to other instruments in the Forex asset class, USD/MXN ranked 4th yesterday in terms of percentage price change. Here is a price chart of USD/MXN.

USD/MXN Technical Analysis

Coming into today USD/MXN is now close to its 100 and 200 day averages, located at 19.0316 and 19.2116 respectively, and thus may be at a key juncture along those timeframes. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days USD/MXN’s price has gone up 8 them.