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USD MXN charts | Is Trading Forex Worth It?

The USD MXN is on the move.  Is trading forex worth it? Take a look and see what is in store for you to add to your forex account this week.  It is all about PIPS, PIPS, and more PIPS …

usd mxn

Daily charts for the USD MXN

The USD continues to exhibit signs of weakness overall in forex and the Mexican Peso may be able to feast upon the notion more bearishness via the Dollar will emerge mid-term. The Mexican has made steady progression to the downside overall. The rsi is just above the buy zone indicating there is further down movement to come before it turns around to head back up to the sell zone. If it reaches the .270 at 20.41905 this would give 8170 pips.

USDMXN Daily June 8 2021
USDMXN Daily June 8 2021

Hourly charts for the USD MXN

The Mexican has made a substantial movement down of 5278 pips. The rsi is in the buy zone and ready to move up to the sell zone. This pair should travel up to the .236 at 19.75150 giving 463 pips. If it continues to the .382 at 19.79358 this would give 937 pips.

USDMXN Hourly June 8 2021
USDMXN Hourly June 8 2021

Important USD MXN Levels to follow

Source: DailyForex.com

MEXICAN INFLATION (CPI) REPORT OVERVIEW:


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What appeared to be a clear path towards Mexican Peso strength post-US presidential elections have become more complicated in the near-term.

USD MXN in the news

The November Mexican inflation (CPI) report will be released on Wednesday, December 9 at 13:00 GMT. According to a Bloomberg News survey, a slight moderation in price pressures is anticipated with the headline inflation rate due in at 3.41% from 4.09% in October. While weaker price pressures are not surprising in the face of the coronavirus pandemic, the changing composition of Banxico suggests that weaker inflation data may be the excuse needed to restart a rate cut cycle.

At the start of the week, Mexican President Andres Manual Lopez Obrador nominated Galia Borja Gomez, the Treasurer of the Mexican Finance Ministry, to join Banxico has deputy governor. Historically, Banxico has had a hawkish tilt, seeking to keep price pressures down even if it meant constraining growth. But the ascent of Gomez to deputy governor, coupled with downside price pressures, may be cultivating an environment where Banxico seeks to tamp down the Mexican Peso.

There has been considerable downside in USD/MXN rates in recent weeks, with the pair continuing its descent within the parallel downtrend dating back to the coronavirus pandemic high set in April. Since the test of channel resistance at the start of November, which came in the form of a bearish outside engulfing candle, USD/MXN rates have been biased lower.

Bearish momentum has been strong, with USD/MXN rates below their daily 5-, 8-, 13-, and 21-EMA, which is in bearish sequential order. But daily MACD is trending higher below its signal line, while Slow Stochastics are perking up in oversold territory. Still, in the past two weeks, two significant Fibonacci retracement levels serving as critical support have broken: the 76.4% retracement of the 2020 low/high range at 20.2349; and the 38.2% retracement of the past 10-years of trading low/high range (April 2011 low/April 2020 high) at 20.3215.

Were USD/MXN rates to retake the 20.2349/20.3215 area, the daily 5-, 8-, 13-, and 21-EMA envelope would be broken, giving credence to a bullish reversal. Nevertheless, the broader context of any USD/MXN price action would be in context of the broader downtrend, suggesting that rallies may look to be sold in the foreseeable future.

Weekly Market Forecast – market forecast for USDMXN

Is trading Forex worth it?

Do you agree that the USD MXN could boost your trading account towards the end of 2020? And back to my main question: Is trading Forex worth it? Indeed, I think so, and I’m super excited to share my best free forex signals with you, and I hope that everyone can maximize their profits based on my accurate forex signals.

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