(Last Updated January 1, 2021 3:15 GMT)
Currently, USDMXN’s rate is down -473 pips (-0.24%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning below it. 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)
The back and forth price flow continues for USDMXN, which started today off at 19.944211, up 632 pips 0.32% from the previous day. Out of the 40 instruments in the Forex asset class, USDMXN ended up ranking 11th for the day in terms of price change. Below is a price chart of USDMXN.
USDMXN Technical Analysis
First things first: USDMXN crossed above its 20 day moving average yesterday. 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. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone up 7 them.