USD/MXN Down 35 Pips in Last Hour; Entered Today Down For the 4th Consecutive Day

Hourly Update

(Last Updated September 13, 2022 1:37 GMT)

At the time of this writing, USDMXN’s rate is down -35 pips (-0.02%) 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. 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)

USDMXN is down 550 pips (0.28%) since the previous day (opening today near 19.821), marking the 4th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, USDMXN ranked 33rd the previous day in terms of percentage price change. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today USDMXN is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 1859 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 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone down 8 them.