USD/MXN 4 Hour Price Update
Updated May 26, 2020 09:11 PM GMT (05:11 PM EST)
USD/MXN entered the current 4 hour candle at 22.2494, down 1000 pips (0.45%) from the last 4 hour candle. It may be worth observing that USD/MXN was the worst performer of the 37 members in the Forex asset class over the past four-hour candle.
USD/MXN End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/MXN entered today at 22.56139, up 228 pips (0.1%) from the previous day. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 15th for the day in terms of price change. Below is a price chart of USD/MXN.
USD/MXN Technical Analysis
Notably, USD/MXN is now close to its 100 day averages, located at 22.2024 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 100 day average, which is 3590 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 9 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Hello everyone, this week our scaling in trades did not work out….However no need to get discouraged because there is still plenty of money to be made….From a Weekly perspective the market created a nice M formation and is near the Weekly resistance level from Jan 2017Also we have beautiful confluence of the fibonacci 0.50 and 0.618 levels.