(Last Updated November 11, 2021 3:14 GMT)
At the moment, USDMXN’s rate is up 18 pips (0.01%) from the hour prior. This is the 2nd consecutive hour USDMXN has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar 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)
The back and forth price flow continues for USDMXN, which started today off at 20.6102, up 2865 pips 1.41% from the previous day. Relative to other instruments in the Forex asset class, USDMXN ranked 4th the previous day in terms of percentage price change. Here is a price chart of USDMXN.
USDMXN Technical Analysis
Notably, USDMXN crossed above its 20 day moving average yesterday. 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 2015.7 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days.