USD/MXN Up 113 Pips On Hourly Chart, Came Into Today Up For the 3rd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 8, 2022 1:37 GMT)

At the moment, USDMXN’s rate is up 113 pips (0.06%) from the hour prior. This is the 2nd hour in a row USDMXN has seen its price head 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 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 up 75 pips (0.04%) since the day prior (opening today near 19.58869), marking the 3rd consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 28th for the day in terms of price change. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for USDMXN has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.