(Last Updated February 16, 2021 23:15 GMT)
At the moment, USDMXN’s rate is up 73 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 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)
A moment of silence, please, for the end of USDMXN’s 4 day down streak; price ended the day prior up 171 pips (0.09%) to finish the day at a rate of 19.9638. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 19th in terms of percentage change since the day prior. Let’s take a look at price chart of USDMXN.
USDMXN Technical Analysis
The first thing we should note is that USDMXN is now close to its 20, 50 and 100 day averages, located at 20.0742, 19.9798 and 20.4431 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 50 day average, which is 159.7 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone down 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.