USDMXN Up 82 Pips On Hourly Chart, Outperforms All Forex; Came Into Today Up For the 6th Straight Day – CFD Trading

Hourly Update

(Last Updated February 24, 2021 0:16 GMT)

At the time of this writing, USDMXN’s rate is up 82 pips (0.04%) 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 20 hour timeframe. 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 2969 pips (1.45%) since the day prior (opening today near 20.73004), marking the 6th straight day an increase has occurred. USDMXN outperformed all 39 assets in the Forex asset class the day prior. Congrats to its holders! Below is a price chart of USDMXN.

USDMXN

USDMXN Technical Analysis

The first thing we should note is that the current price of USDMXN is sitting close to its 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 3780.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USDMXN’s price has gone up 16 them.

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