USD/MXN Down 79 Pips in Last Hour, Moves Down For the 3rd Straight Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 12, 2022 1:36 GMT)

At the moment, USDMXN’s rate is down -79 pips (-0.04%) 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. 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)

USDMXN is down 770 pips (0.39%) since the previous day (opening today near 19.876), marking the 3rd straight day it has gone down. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Here is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today USDMXN is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 1310 pips away. Volatility for USDMXN has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Price action traders in particular will want to note that the 14 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 6 out of the past 10 days.