USD/MXN Up 117 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated August 2, 2022 1:36 GMT)

Currently, USDMXN’s rate is up 117 pips (0.06%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDMXN has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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 190 pips (0.09%) since yesterday (opening today near 20.369), marking the 2nd straight day it has gone up. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 17th for the day in terms of price change. Let’s take a look at price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

The first thing we should note is that USDMXN is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 610.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 and 90 day timeframes, where price is headed up. Or to simplify this another way, note that out of the past 10 days USDMXN’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.