USDMXN Down 137 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 14, 2020 2:15 GMT)

Currently, USDMXN’s rate is down -137 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)

USDMXN is up 1456 pips (0.69%) since yesterday (opening today near 21.33372), marking the 2nd consecutive day it has gone up. Out of the 40 instruments in the Forex asset class, USDMXN ended up ranking 2nd for the day in terms of price change. Let’s take a look at price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

The first thing we should note is that USDMXN is now close to its 20, 50 and 200 day averages, located at 21.6316, 21.7862 and 21.8484 respectively, and thus may be at a key juncture along those timeframes. 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 2979 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone down 8 them.