USD/MXN Down 59 Pips Over Past Hour, Underperforms All Forex; 3 Day Up Streak Ended – CFD Trading

Hourly Update

(Last Updated March 31, 2021 0:15 GMT)

Currently, USDMXN’s rate is up 130 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 200 hour changed directions on USDMXN; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The choppiness in the recent daily price action of USDMXN continues; to start today, it came in at a price of 20.60969, down 748 pips (0.36%) since yesterday. Out of the 39 instruments in the Forex asset class, USDMXN ended up ranking 33rd for the day in terms of price change. Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

Coming into today USDMXN is now close to its 20, 50, 100 and 200 day averages, located at 20.7876, 20.4492, 20.2409 and 21.0755 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 1605.3 pips away. Volatility for USDMXN has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis 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 up 7 out of the past 14 days.

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