USD/MXN Down 83 Pips in Last Hour, Moves Down For the 2nd Day In A Row; Nears 200 Day Moving Average

Hourly Update

(Last Updated July 19, 2022 1:36 GMT)

Currently, USDMXN’s rate is down -83 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 650 pips (0.32%) since the previous day (opening today near 20.457), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, USDMXN ranked 33rd the previous day in terms of percentage price change. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, the current price of USDMXN is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 303.7 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish 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 up. For additional context, note that price has gone up 15 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Looking to sell USD against MXN for next few weeks.