USDMXN Up 42 Pips Over Past Hour, Fares the Worst Out of Forex; Crosses 20 Day Moving Average

Hourly Update

(Last Updated October 8, 2020 2:15 GMT)

At the time of this writing, USDMXN’s rate is up 42 pips (0.02%) from the hour prior. The hourly chart shows that USDMXN has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on USDMXN. Given that we see downtrend 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 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 21.45815, down 2622 pips (1.21%) from yesterday. Those trading within the Forex asset class should know that USDMXN was the worst performer in the class. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

First things first: USDMXN crossed below its 20 day moving average yesterday. 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 20 day average, which is 1692 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.