USD/MXN Up 27 Pips Over Past Hour, Outperforms All Forex; Moves Up For the 2nd Day In A Row

Hourly Update

(Last Updated July 13, 2022 1:35 GMT)

At the moment, USDMXN’s rate is up 27 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 up 1192 pips (0.58%) since yesterday (opening today near 20.8482), marking the 2nd day in a row an upward move has occurred. For context, observe that yesterday was noteworthy in the sense that USDMXN bested all 39 of the assets in the Forex class. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, the current price of USDMXN is sitting close to its 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 4201.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 17 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Wait for confirmation of break of support trend line