USDMXN Up 162 Pips in Last Hour, Entered Today Down For the 2nd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated September 18, 2020 23:14 GMT)

Currently, USDMXN’s rate is up 162 pips (0.08%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDMXN has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 100 hour changed directions on USDMXN; it is now pointing up. 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 is down 810 pips (0.39%) since the previous day (opening today near 20.853901), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, USDMXN ranked 38th the previous day in terms of percentage price change. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

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 7246.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. 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 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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