USD/MXN Up 50 Pips On Hourly Chart, Moves Down For the 4th Consecutive Day; Eyes 50 Day Average

Hourly Update

(Last Updated June 23, 2022 1:37 GMT)

At the moment, USDMXN’s rate is up 50 pips (0.02%) from the hour prior. USDMXN has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 down 708 pips (0.35%) since the day prior (opening today near 20.0442), marking the 4th consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 27th for the day in terms of price change. The price chart of USDMXN below illustrates.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN is now close to its 20, 50, 100 and 200 day averages, located at 19.91, 20.0439, 20.2199 and 20.4242 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 5 out of the past 10 days.