(Last Updated June 3, 2021 4:16 GMT)
At the moment, USDMXN’s rate is down -8 pips (0%) from the hour prior. USDMXN has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDMXN. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
USDMXN End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of USDMXN continues; to start today, it came in at a price of 19.90889, down 625 pips (0.31%) since the previous day. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 34th in terms of percentage change since the previous day. Below is a price chart of USDMXN.
USDMXN Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDMXN crossed below its 20 day moving average yesterday. Volatility for USDMXN has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days.
The View From Around the Web
Not much commentary on USDMXN that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
USDMXN on LPSD after spring and SOS