(Last Updated September 16, 2020 23:14 GMT)
Currently, USDMXN’s rate is down -20 pips (-0.01%) 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 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)
The choppiness in the recent daily price action of USDMXN continues; to start today, it came in at a price of 21.140591, up 590 pips (0.28%) since the previous day. Relative to other instruments in the Forex asset class, USDMXN ranked 7th the previous day in terms of percentage price change. Here is a price chart of USDMXN.
USDMXN Technical Analysis
The first thing we should note is that the current price of USDMXN is sitting close to its 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 4410.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone down 8 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.