USD/MXN Down 640 Pips On 4 Hour Chart, Came Into Today Up For the 2nd Day In A Row; in a Downtrend Over Past 90 Days

USD/MXN 4 Hour Price Update

Updated July 23, 2020 09:26 AM GMT (05:26 AM EST)

USD/MXN is down 640 pips (0.29%) since the last 4 hour candle (opening the current 4 hour candle near 22.2832), marking the 2nd candle in a row it has gone down. Relative to other instruments in the Forex asset class, USD/MXN ranked 34th the last 4 hour candle in terms of percentage price change.

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/MXN is up 39 pips (0.02%) since yesterday (opening today near 22.36247), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 17th in terms of percentage change since yesterday. Let’s take a look at price chart of USD/MXN.

USD/MXN Technical Analysis

Coming into today the current price of USD/MXN is sitting close to its 20 and 50 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 50 day average, which is 113.2 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 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days USD/MXN’s price has gone up 6 them. 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 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The EM currencies aren’t moving as much considering the major pairs are…that’s an interesting thought to keep in mind!…If you’re looking for good risk reward trade, i’d go to EM currencies – Major pairs are little over extended….However, for those swing traders PESO looking clean…which way will it break.