USDMXN Down 172 Pips On Hourly Chart, Came Into Today Up For the 2nd Consecutive Day; Nears 20 Day Moving Average

Hourly Update

(Last Updated January 5, 2021 2:15 GMT)

Currently, USDMXN’s rate is down -172 pips (-0.09%) 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 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDMXN. Given that we see an uptrend 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)

USDMXN is up 176 pips (0.09%) since the day prior (opening today near 19.96177), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, USDMXN ranked 15th the day prior in terms of percentage price change. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

Coming into today USDMXN is now close to its 20 and 50 day averages, located at 19.941 and 20.2677 respectively, and thus may be at a key juncture along those timeframes. 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 up 7 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.