USD/MXN Down 196 Pips Over Past 4 Hours, Moves Up For the 7th Day In A Row; Price Base in Formation Over Past 14 Days

USD/MXN 4 Hour Price Update

Updated August 04, 2020 09:05 AM GMT (05:05 AM EST)

After 6 up four-hour candles, USD/MXN snaps its streak, falling 196 pips (-0.09%) over the past four-hour candle to close at an exchange rate of 22.63. Relative to other instruments in the Forex asset class, USD/MXN ranked 23rd 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 453 pips (0.2%) since yesterday (opening today near 22.64262), marking the 7th day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 2nd for the day in terms of price change. Here is a price chart of USD/MXN.

USD/MXN

USD/MXN Technical Analysis

Coming into today USD/MXN is now close to its 20, 50 and 100 day averages, located at 22.3399, 22.4315 and 22.9542 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 50 day average, which is 2110.9 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 down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 17 out of the past 30 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. Here’s a piece we found on tradingview.com that we thought you might enjoy.