USDMXN Currency pair flag

Latest USD MXN Analysis and Forecasts

USDJPY and USDMXN Update – Elliott wave analysis

Good morning traders, and welcome to the intra-day morning updates.

Let us start with USDJPY where we see a completed four-wave move to the upside, and latest intra-day rally from the 109.21 level as final move higher as wave 5). We can see that wave 4) had faced nice support right at the former wave 4, which is usually a nice reversal region for the fourth waves. That said, now we are tracking wave 5), which can target the 109.99 area.

Also keep in mind that we are tracking final wave higher of an impulse; wave 5) so be aware of resistance, and weakness in minimum three legs.

USDJPY chart, 1h

intra USDJPY

USDMXN is still dropping, now ideally unfolding final stages of a fifth wave of wave 3), so be aware of possible support, and a turn into a higher degree wave 4) correction near the 18.9/18.85 region. Possible resistance for the upcoming forth wave correction can be near the 19.09 area.


intra USDMXN

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USD/MXN – Live and Historical Rates

The US dollar/Mexican Peso pair is not a commodity one, nor is it a major pair. The USD is indeed a major currency, while the Mexican Peso is not. The chart above tells us how many Pesos one needs to spend to purchase a USD.


The world’s top reserve currency, the USD is responsible for the starting of the floating trend in the 70s. The perfect illustration of how important the USD is as a reserve currency, is the fact that there are more USDs held outside the country than in it. In addition to its solid reserve status, the USD is also the most traded currency in the world and it is closely tied to a number of commodities, such as gold and oil.

The factors responsible for the strength of the USD are numerous, but the US economy itself is obviously a major part of it all. Some of the most important sectors of the US economy are the energy, commodity and manufacturing sectors, supported by a massive and vibrant financial sector.


The MXN may not be a major currency, but it is indeed the most traded currency in Latin America and the 12th most traded currency in the world. The Peso went through some hard times during the 80s. Following a government default in 1982, the Peso was reintroduced, and since then, its trading volumes have grown steadily. The Mexican economy is a services-based one. Some 70% of the GDP is made up by this sector. Industry and agriculture are indeed dwarfed by it.

USDMXN Analysis

When it comes to USD/MXN trading opportunities, the relationship between the two countries is what matters first and utmost, more precisely the trade agreements between the two. US Fed announcements also tend to have a rather big impact on the pair.

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