usd mxn

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. It is now in consolidation after making a 10,350 pip down move. The rsi is just below the sell zone indicating further up movement to come from this pair. This pair should reach the .618 at 20.34529 giving 2,879 pips and if it should go to the .270 at 20.52885 this would give 4,747 pips.

USDMXN Daily July 20 2021
USDMXN Daily July 20 2021

Hourly charts for the USD MXN

The Mexican has been climbing an up trend making a 1,949 pip upward move and is now in consolidation. The rsi is in the sell zone and pointing down to the buy zone and appears ready to move down soon. It is sitting just above the .382 at 20.08729 and it should go down to the .500 at 20.05382 giving 454 pips. If it pierces the .500 it should continue to the .618 at 20.02054 giving 809 pips.

USDMXN Hourly July 20 2021
USDMXN Hourly July 20 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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