USDMXN Down 93 Pips On Hourly Chart; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 15, 2020 23:14 GMT)

At the time of this writing, USDMXN’s rate is down -93 pips (-0.04%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 the previous day. Relative to other instruments in the Forex asset class, USDMXN ranked 39th the previous day in terms of percentage price change. Here is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today the current price of USDMXN is sitting close to its 20 and 200 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 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. Or to simplify this another way, note that out of the past 10 days USDMXN’s price has gone down 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. 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