USDMXN Down 92 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 15, 2021 1:14 GMT)

At the moment, USDMXN’s rate is down -92 pips (-0.05%) from the hour prior. The hourly chart shows that USDMXN has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDMXN. Given that we see an uptrend 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 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)

USDMXN is down 166 pips (0.08%) since the previous day (opening today near 19.87549), marking the 2nd consecutive day a decrease has occurred. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 26th in terms of percentage change since the previous day. Let’s take a look at price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, the current price of USDMXN is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 1275.2 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone down 10 them.