USDMXN Down 165 Pips On Hourly Chart, Underperforms All Forex; Moves Down For the 3rd Consecutive Day

Hourly Update

(Last Updated October 19, 2020 10:15 GMT)

At the time of this writing, USDMXN’s rate is down -165 pips (-0.08%) 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. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDMXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDMXN is down 1371 pips (0.64%) since the day prior (opening today near 21.1351), marking the 3rd consecutive day a decrease has occurred. Those trading within the Forex asset class should know that USDMXN was the worst performer in the class. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN is now close to its 20 day averages, located at 21.6715 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 20 day average, which is 5363.6 pips away. 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 10 out of the past 14 days.