USD/MXN Up 148 Pips On Hourly Chart, Underperforms All Forex; Came Into Today Down For the 3rd Consecutive Day

Hourly Update

(Last Updated June 22, 2022 1:38 GMT)

Currently, USDMXN’s rate is up 148 pips (0.07%) from the hour prior. The hourly chart shows that USDMXN has seen 3 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend 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 down 1610 pips (0.79%) since the previous day (opening today near 20.115), 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. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDMXN crossed below its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USDMXN’s price has gone down 18 them.