USDMXN Up 151 Pips On Hourly Chart, 2 Day Up Streak Ended; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 15, 2020 2:15 GMT)

Currently, USDMXN’s rate is up 151 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning above it. 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 back and forth price flow continues for USDMXN, which started today off at 21.29432, down 394 pips 0.18% from yesterday. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 32nd in terms of percentage change since yesterday. Here is a price chart of USDMXN.

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. 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 3552.7 pips away. 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. For additional context, note that price has gone down 7 out of the past 10 days.