USDMXN Up 110 Pips On Hourly Chart, in a Downtrend Over Past 90 Days; Eyes 20 Day Average

Hourly Update

(Last Updated February 11, 2021 1:17 GMT)

Currently, USDMXN’s rate is up 110 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDMXN. Given that we see downtrend on the 20 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

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 20.08379, down 288 pips 0.14% from the previous day. Relative to other instruments in the Forex asset class, USDMXN ranked 23rd the previous day in terms of percentage price change. Let’s take a look at 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, 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 20 day average, which is 515.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone up 5 out of the past 10 days.