USDMXN Down 584 Pips in Last Hour, Came Into Today Down For the 3rd Day In A Row; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated February 12, 2021 17:18 GMT)

At the time of this writing, USDMXN’s rate is down -584 pips (-0.29%) from the hour prior. USDMXN has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them with price now being below them. 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 down 657 pips (0.33%) since the previous day (opening today near 19.96534), marking the 3rd day in a row a decline has happened. Relative to other instruments in the Forex asset class, USDMXN ranked 35th the previous day in terms of percentage price change. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDMXN crossed below its 50 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 50 day average, which is 140.2 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. 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 down 6 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 1 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 dailyfx.com; below is a short snippet from it to give you a taste.

Following the Bank of Mexico's decision to cut rates by 25 bps, USD/MXN bounced towards 20.00 in immediate trade.