USDMXN Down 755 Pips On Hourly Chart, Came Into Today Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 4, 2020 9:49 GMT)

Currently, USDMXN’s rate is down -755 pips (-0.35%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDMXN has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDMXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDMXN is down 528 pips (0.24%) since yesterday (opening today near 21.719299), marking the 2nd straight day a decline has happened. Out of the 40 instruments in the Forex asset class, USDMXN ended up ranking 28th for the day in terms of price change. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

The first thing we should note is that USDMXN is now close to its 20 and 200 day moving averages, which may act as price barrier for the asset. 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 2254.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone down 9 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDMXN – I think it go short down.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram