USDMXN Down 100 Pips On Hourly Chart, Entered Today Up For the 2nd Day In A Row; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated February 17, 2021 23:15 GMT)

Currently, USDMXN’s rate is down -100 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on USDMXN; it is now pointing up. 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)

USDMXN is up 2565 pips (1.28%) since the previous day (opening today near 20.2203), marking the 2nd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 2nd for the day in terms of price change. Let’s take a look at price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN crossed above its 20 and 50 day moving averages yesterday. 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 1173.7 pips away. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days.