USDMXN Up 73 Pips On Hourly Chart, 2 Day Down Streak Snapped; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 17, 2020 23:14 GMT)

At the moment, USDMXN’s rate is up 73 pips (0.03%) from the hour prior. USDMXN has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 entered today at 21.140591, up 590 pips (0.28%) from the day prior. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 7th in terms of percentage change since the day prior. Let’s take a look at price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN is now close to its 200 day averages, located at 21.5816 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 200 day average, which is 4410.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. 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 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram