(Last Updated June 17, 2022 1:36 GMT)
Currently, USDMXN’s rate is down -175 pips (-0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 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)
The choppiness in the recent daily price action of USDMXN continues; to start today, it came in at a price of 20.4, up 1550 pips (0.77%) since the previous day. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 12th in terms of percentage change since the previous day. Let’s take a look at 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 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days USDMXN’s price has gone up 8 them.