USD/MXN Down 9 Pips Over Past Hour, Moves Down For the 5th Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated July 29, 2022 1:37 GMT)

At the moment, USDMXN’s rate is down -9 pips (0%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 20 and 10 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)

USDMXN is down 1300 pips (0.64%) since the day prior (opening today near 20.265), marking the 5th straight day it has gone down. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 29th for the day in terms of price change. Let’s take a look at price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today USDMXN is now close to its 20, 50, 100 and 200 day averages, located at 20.5224, 20.1632, 20.1718 and 20.4283 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 931.6 pips away. It should be noted, though, the 200 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 and 90 day timeframes. For additional context, note that price has gone down 8 out of the past 14 days.