(Last Updated June 7, 2022 1:38 GMT)
At the time of this writing, USDMXN’s rate is up 40 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 pin bar candlestick pattern on USDMXN. Given that we see an uptrend 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 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 up 291 pips (0.15%) since the previous day (opening today near 19.5812), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USDMXN ranked 22nd the previous day in terms of percentage price change. The price chart of USDMXN below illustrates.
USDMXN Technical Analysis
The first thing we should note is that the current price of USDMXN is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days USDMXN’s price has gone down 17 them.