(Last Updated June 16, 2022 1:37 GMT)
At the moment, USDMXN’s rate is down -509 pips (-0.25%) 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 20 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)
A moment of silence, please, for the end of USDMXN’s 4 day up streak; price ended the previous day down 3340 pips (-1.62%) to finish the day at a rate of 20.245. Relative to other instruments in the Forex asset class, USDMXN ranked 38th the previous day in terms of percentage price change. Here is a price chart of USDMXN.
USDMXN Technical Analysis
Notably, USDMXN crossed below its 200 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days USDMXN’s price has gone down 16 them.