USDMXN Up 43 Pips in Last Hour, Entered Today Up For the 3rd Consecutive Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated February 19, 2021 0:16 GMT)

At the time of this writing, USDMXN’s rate is up 43 pips (0.02%) from the hour prior. USDMXN has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDMXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDMXN is up 54 pips (0.03%) since yesterday (opening today near 20.22566), marking the 3rd consecutive day an upward move has occurred. Compared to its peers in the Forex, USDMXN gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Let’s take a look at price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN is now close to its 20, 50 and 100 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 20 day average, which is 906.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USDMXN’s price has gone up 7 them.