USD/MXN Up 86 Pips in Last Hour, Crosses 50 Day Moving Average; Price Base in Formation Over Past 30 Days – CFD Trading

Hourly Update

(Last Updated July 8, 2021 1:46 GMT)

Currently, USDMXN’s rate is up 86 pips (0.04%) from the hour prior. The hourly chart shows that USDMXN has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 entered today at 19.95273, down 636 pips (0.32%) from the day prior. Relative to other instruments in the Forex asset class, USDMXN ranked 38th the day prior in terms of percentage price change. Here is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

First things first: USDMXN crossed below its 50 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 50 day average, which is 409.9 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USDMXN’s price has gone up 16 them.

The View From Around the Web

Not much commentary on USDMXN that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on fxempire.com; below is a short snippet from it to give you a taste.

The Mexican Peso performed well against the US Dollar today after losing for the past few days, with the USD/MXN pair slipping below 20.000 for the first time in days

Leave a Reply

Your email address will not be published. Required fields are marked *