USDMXN Up 165 Pips On Hourly Chart, 2 Day Up Streak Ended; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 4, 2021 2:15 GMT)

Currently, USDMXN’s rate is up 165 pips (0.08%) from the hour prior. USDMXN has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDMXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDMXN entered today at 20.18713, down 408 pips (0.2%) from the day prior. Relative to other instruments in the Forex asset class, USDMXN ranked 32nd the day prior in terms of percentage price change. Here is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today the current price of USDMXN is sitting close to its 20, 50 and 100 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 434 pips away. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USDMXN’s price has gone down 18 them.

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 tradingview.com; below is a short snippet from it to give you a taste.

This looks like a corrective pattern, that could usher in more sells.A specific pattern, a flat to be precise.Trade with care use a stop loss.