USD/MXN Up 1320 Pips Over Past 4 Hours, Moves Down For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days

USD/MXN 4 Hour Price Update

Updated June 24, 2020 01:10 PM GMT (09:10 AM EST)

USD/MXN is up 1320 pips (0.59%) since the previous 4 hours (opening the current 4 hour candle near 22.5794), marking the 2nd candle in a row it has gone up. On a relative basis, the previous 4 hours were pretty good: USD/MXN bested all 37 of the assets in the Forex class 🙂

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/MXN is down 26 pips (0.01%) since the previous day (opening today near 22.4004), marking the 3rd day in a row it has gone down. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 29th for the day in terms of price change. Let’s take a look at price chart of USD/MXN.

USD/MXN Technical Analysis

Coming into today USD/MXN is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 2496.6 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days USD/MXN’s price has gone down 19 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on; below is a short snippet from it to give you a taste.

USD/MXN is currently mixing lower highs and higher lows on the daily chart and the pair look likely to break this narrowing range shortly.