USD/MXN 4 Hour Price Update
Updated May 11, 2020 09:08 PM GMT (05:08 PM EST)
The back and forth price flow continues for USD/MXN, which started the current 4 hour candle off at 23.9031, down 105 pips 0.04% from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/MXN ranked 26th the previous 4 hours in terms of percentage price change.
USD/MXN End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/MXN is down 352 pips (0.15%) since yesterday (opening today near 23.62), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 32nd in terms of percentage change since yesterday. Here is a price chart of USD/MXN.
USD/MXN Technical Analysis
Notably, USD/MXN is now close to its 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down. For additional context, note that price has gone down 6 out of the past 10 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on USDMXN, with 0 buy signals on our radar and 6 sell 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 triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
USD/MXN (USDMXN) is in ABC flat pattern after Impulse up move, which trying to correct it. B wave was in triangle. Wave C down already started down and briefly broken down the triangle. As a confirmatory move, the price should be moved down faster. Let’s see how charts unfold.