USD/MXN Down 147 Pips in Last Hour, 4 Day Down Streak Snapped; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 14, 2022 1:36 GMT)

At the time of this writing, USDMXN’s rate is down -147 pips (-0.07%) from the hour prior. The hourly chart shows that USDMXN has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 20 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)

After 4 down days, USDMXN snaps its streak, rising 2450 pips (1.24%) over the past day to close at an exchange rate of 20.066. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 6th for the day in terms of price change. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN crossed above its 20 day moving average yesterday. 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 20 day average, which is 506.5 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone down 6 out of the past 10 days.