USDMXN Down 49 Pips On Hourly Chart; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 14, 2020 23:13 GMT)

At the time of this writing, USDMXN’s rate is down -49 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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 entered today at 21.2613, down 1780 pips (0.83%) from yesterday. Relative to other instruments in the Forex asset class, USDMXN ranked 39th yesterday in terms of percentage price change. Here is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today 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 3024.4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

Not much commentary on USDMXN that we’re finding noteworthy here; guess people aren’t watching this one :). As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I see 3rd wave approaching target level 161.8% fib level. It is atill away around 600 pips.


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