USD/MXN 4 Hour Price Update
Updated June 04, 2020 01:10 AM GMT (09:10 PM EST)
The back and forth price flow continues for USD/MXN, which started the current 4 hour candle off at 21.7187, down 132 pips 0.06% from the last 4 hour candle. Relative to other instruments in the Forex asset class, USD/MXN ranked 30th 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 down 500 pips (0.23%) since the previous day (opening today near 21.71755), marking the 4th day in a row a decrease has occurred. It may be worth observing that USD/MXN was the worst performer of the 40 members in the Forex asset class over the past day. Here is a price chart of USD/MXN.
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 100 day average, which is 7425.8 pips away. Volatility for USD/MXN has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 8 out of the past 10 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 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
What did I say about USDMXN? I said it will SELL like crazy!!!!!! you don’t believe me? check out my previous analysis I’ve been making since early May!!!USDMXN has been my greatest trade since March. In March I made 50,000pips and now 25,000pips!!! I’ve mentioned to SELL this pair since early May, check out my previous post to verify my claim. I will try to BUY this pair in the near future but for now, I’m done Selling! there is a good chance it might continue to go lower but I’ve already achieved my goal to make 25,000pips (500% on my account). This pair has retraced more than 50% and a good buying opportunity might be around the corner but it might take time for the Buy formation to happen. What a great way to start the month! comment below if you managed to capture the move…