USD/MXN Down 2 Pips in Last Hour; Moves Up For the 4th Day In A Row

Hourly Update

(Last Updated June 15, 2022 1:38 GMT)

At the time of this writing, USDMXN’s rate is down -2 pips (0%) from the hour prior. USDMXN has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDMXN. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. 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)

USDMXN is up 1252 pips (0.61%) since the day prior (opening today near 20.579), marking the 4th day in a row an upward move has occurred. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 9th in terms of percentage change since the day prior. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

Coming into today USDMXN is now close to its 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days.