The past week of trading in the USD/MXN was violent and a high of nearly 20.80400 was traversed, and then the currency pair reverse lower, but buying the past day and a half shows cautious attitudes.
Technical Analysis
USD/MXN refers to the US Dollar/ Mexican Peso currency pair. USD/MXN is an exotic pair, as Mexico is considered a developing economy, and it is being traded against a major currency....
The USD/MXN pair can be traded in the US from Sunday evening until Friday afternoon though trading volume and levels of volatility vary greatly. In general, morning hours present the best time to trade the Mexican Peso as this period includes the release of US economic data (8.30-10 am ET) and it is the window of greatest activity. Mexican peso trading hours also follow US equity and futures exchange hours. Mexico’s natural resources make it a commodity-based currency. It is a top-15 producer of oil, and the value of the MXN is strongly influenced by oil and gas price fluctuations and any other economic indicators impacting energy futures markets, such as the US Oil Inventory report. Moreover, the Mexican peso is interdependent with the Colombian peso (COP) and the Brazilian real (BRL), both of which are heavily reliant on petroleum exports. The USD/MXN currency pair is impacted by events occurring both in Mexico and the US. The two countries’ economic policies are correlated, with Banco de México frequently announcing decisions close on the heels of US Federal Reserve announcements.
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Technical Analysis
Technical Analysis
During my daily analysis of exotic currency pairs, the USD/MXN pair has caught my attention, as we pierced the 20.50 MXN level at one point during the session.
Technical Analysis
The USD/MXN sold off this morning as trading began, but the currency pair remains rather comfortably above the 20.00000, this as a sea of volatility gets ready to unleash.
Technical Analysis
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In my daily analysis of exotic currency pairs, the first thing that has captured my attention is that the US dollar continues to strengthen.
Technical Analysis
The US dollar has tested the 20 Mexican peso level multiple times and at this point in time, it looks like we are doing everything we can to break above it.
Technical Analysis
Upon opening today the USD/MXN is trading above the 20.00000 level and is within sight of highs touched in the middle of last week.
Technical Analysis
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The US dollar continues to threaten the 20 Mexican peso level as we continue to see interest rates in America rise.
Technical Analysis
The USD/MXN has returned to its higher price range and the 20.00000 price is now within sight for financial institutions and day traders as nervous conditions shadow the currency pair.
Technical Analysis
The USD/MXN has been within a noted bullish stance the past handful of months as financial institutions showed concerned regarding the stronger than before Morena political party.
Technical Analysis
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The USD/MXN pair currently sits on the 50 Day EMA indicator.
Technical Analysis
The USD/MXN has traded lower the past handful of days and has sustained lower near-term elements as today has started. However, traders need to be careful regarding the potential of reversals developing.
Technical Analysis
Technical traders holding onto the belief the USD/MXN exchange rate is overbought are learning a hard lesson about behavioral sentiment.
Technical Analysis
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During the analysis of exotic currency pairs around the world, I noticed that the US dollar initially fell against the Mexican peso, only to turn around and show signs of life again.
Technical Analysis
The US dollar pulling back a bit against the Mexican peso, perhaps reaching toward the 50 Day EMA underneath, which of course will offer quite a bit of support.
Technical Analysis
The USD/MXN currency pair is trading near the 19.39615 ratio as of this morning.
Technical Analysis