USDMXN Down 11 Pips Over Past Hour, Came Into Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 16, 2020 3:15 GMT)

Currently, USDMXN’s rate is down -11 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 221 pips (0.1%) since the day prior (opening today near 21.2722), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 22nd in terms of percentage change since the day prior. Here is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today USDMXN is now close to its 20 and 50 day averages, located at 21.6705 and 21.7428 respectively, and thus may be at a key juncture along those timeframes. 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 3983 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days USDMXN’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.