USD/MXN Up 233 Pips On Hourly Chart, 2 Day Down Streak Ended; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated December 20, 2021 1:36 GMT)

At the time of this writing, USDMXN’s rate is up 233 pips (0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on USDMXN. Given that we see an uptrend on the 10 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 entered today at 20.8115, up 23 pips (0.01%) from yesterday. Relative to other instruments in the Forex asset class, USDMXN ranked 18th yesterday in terms of percentage price change. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

The first thing we should note is that USDMXN is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USDMXN’s price has gone down 6 them.