(Last Updated June 6, 2022 1:37 GMT)
Currently, USDMXN’s rate is down -64 pips (-0.03%) 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. Regarding the trend, note that the strongest trend exists on the 50 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 5 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 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)
The back and forth price flow continues for USDMXN, which started today off at 19.55209, up 85 pips 0.04% from the previous day. Relative to other instruments in the Forex asset class, USDMXN ranked 20th the previous day in terms of percentage price change. Let’s take a look at price chart of USDMXN.
USDMXN Technical Analysis
Notably, USDMXN is now close to its 20 and 50 day averages, located at 19.9069 and 20.0138 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.
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. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Usually USDMXN is a copy of USDZAR. After doing an analysis on USDZAR, there is a high probability that there is going to be a shift in trend. I counted my levels on USDMXN and also noticed the same. So will start looking for long opportunities on USDMXN this coming week.