USDMXN Down 94 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 12, 2021 2:15 GMT)

At the time of this writing, USDMXN’s rate is down -94 pips (-0.05%) from the hour prior. This is the 3rd straight hour USDMXN has seen its price head down. 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 doji candlestick pattern on USDMXN. Given that we see downtrend on the 20 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward 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 20.04374, up 654 pips (0.33%) since yesterday. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

The first thing we should note is that the current price of USDMXN is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.