USD/MXN Up 316 Pips in Last Hour, Breaks Below 20 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated December 16, 2021 1:37 GMT)

Currently, USDMXN’s rate is up 316 pips (0.15%) from the hour prior. USDMXN has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDMXN. Given that we see downtrend on the 20 and 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 21.0261, down 2027 pips (0.95%) from the day prior. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 37th for the day in terms of price change. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN crossed below its 20 day moving average yesterday. 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 and 30 day timeframes. For additional context, note that price has gone up 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.