USDMXN Down 13 Pips Over Past Hour; Moves Down For the 2nd Straight Day

Hourly Update

(Last Updated October 9, 2020 2:15 GMT)

At the moment, USDMXN’s rate is down -13 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDMXN has now gone down 4 of the past 5 hours. 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 downtrend on the 20 and 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 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)

USDMXN is down 802 pips (0.37%) since the day prior (opening today near 21.377999), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, USDMXN ranked 33rd the day prior in terms of percentage price change. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

Coming into today the current price of USDMXN is sitting close to its 20, 50 and 200 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 2462.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 30 days USDMXN’s price has gone down 17 them.