USDMXN Down 292 Pips On Hourly Chart, Moves Up For the 5th Straight Day; Crosses 100 Day Moving Average

Hourly Update

(Last Updated February 22, 2021 23:15 GMT)

At the moment, USDMXN’s rate is down -292 pips (-0.14%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDMXN. Given that we see an uptrend 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)

USDMXN is up 1201 pips (0.59%) since the previous day (opening today near 20.43309), marking the 5th straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 8th for the day in terms of price change. Here is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN crossed above its 100 day moving average 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 100 day average, which is 700.2 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone up 8 them.