USDMXN Up 65 Pips in Last Hour, Price Base in Formation Over Past 30 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated January 14, 2021 2:16 GMT)

At the time of this writing, USDMXN’s rate is up 65 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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. 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 choppiness in the recent daily price action of USDMXN continues; to start today, it came in at a price of 19.8294, up 380 pips (0.19%) since yesterday. Relative to other instruments in the Forex asset class, USDMXN ranked 11th yesterday in terms of percentage price change. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

The first thing we should note is that USDMXN is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. 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. Or to simplify this another way, note that out of the past 10 days USDMXN’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.