USD/MXN Up 96 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 14 and 30 Days

Hourly Update

(Last Updated September 22, 2022 1:36 GMT)

Currently, USDMXN’s rate is up 96 pips (0.05%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 up 210 pips (0.11%) since the previous day (opening today near 20.004), marking the 2nd day in a row 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 the previous day. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Notably, USDMXN crossed above 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 28.5 pips away. Also of note is that on the 14 and 30 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.