USDMXN Up 56 Pips Over Past Hour, Entered Today Up For the 4th Day In A Row; is Inching Close to 100 Day Average

Hourly Update

(Last Updated February 19, 2021 23:16 GMT)

At the time of this writing, USDMXN’s rate is up 56 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDMXN has now gone up 4 of the past 5 hours. 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 an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDMXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDMXN is up 873 pips (0.43%) since the day prior (opening today near 20.31299), marking the 4th day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 6th for the day in terms of price change. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today the current price of USDMXN is sitting close to its 20, 50 and 100 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 100 day average, which is 665.3 pips away. The clearest trend exists on the 90 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 30 day timeframe. Or to simplify this another way, note that out of the past 10 days USDMXN’s price has gone up 5 them.