USD/MXN 4 Hour Price Update
Updated May 21, 2020 05:10 PM GMT (01:10 PM EST)
USD/MXN entered the current 4 hour candle at 22.9293, down 3046 pips (1.31%) from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/MXN ranked 36th the previous 4 hours in terms of percentage price change.
USD/MXN End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of USD/MXN’s 4 day down streak; price ended yesterday up 97 pips (0.04%) to finish the day at a rate of 23.208. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 23rd for the day in terms of price change. The price chart of USD/MXN below illustrates.
USD/MXN 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 7342.1 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days USD/MXN’s price has gone up 15 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDMXN, with 4 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
USDMXN 1H – Long term Support coinciding with Knoxville Divergence