(Last Updated September 8, 2020 15:13 GMT)
At the moment, USDMXN’s rate is down -592 pips (-0.27%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 1056 pips (0.49%) since yesterday (opening today near 21.5366), marking the 4th straight day it has gone down. Relative to other instruments in the Forex asset class, USDMXN ranked 36th yesterday in terms of percentage price change. Let’s take a look at price chart of USDMXN.
USDMXN Technical Analysis
Coming into today the current price of USDMXN is sitting close to its 20 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 220.9 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. Or to simplify this another way, note that out of the past 30 days USDMXN’s price has gone down 17 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 1 sell signals and 3 buy signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
We have a great Supply and DemandWe have a great double divergenceWe have a great a 2.5 point