(Last Updated January 13, 2021 2:15 GMT)
Currently, USDMXN’s rate is up 235 pips (0.12%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDMXN has now gone down 9 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 20 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 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 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 19.7914, down 2523 pips (1.26%) since yesterday. Relative to other instruments in the Forex asset class, USDMXN ranked 39th yesterday in terms of percentage price change. Let’s take a look at price chart of USDMXN.
USDMXN Technical Analysis
First things first: USDMXN crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 16 out of the past 30 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.
USD/MXN rates started the year by breaking the 2020 low, only to see a sharp reversal higher alongside rising US Treasury yields.