(Last Updated January 6, 2021 2:15 GMT)
At the moment, USDMXN’s rate is down -138 pips (-0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Of note is that the 50 hour changed directions on USDMXN; it is now pointing down. 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)
USDMXN is up 176 pips (0.09%) since the previous day (opening today near 19.96177), marking the 2nd straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, USDMXN ended up ranking 15th for the day in terms of price change. Below is a price chart of USDMXN.
USDMXN Technical Analysis
The first thing we should note is that the current price of USDMXN is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 down 16 out of the past 30 days.
The View From Around the Web
Not much commentary on USDMXN that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
Unlike other FX pairs, USD/MXN has yet to see meaningful volatility in the first trading days of 2021.