USD/MXN 4 Hour Price Update
Updated June 23, 2020 01:09 PM GMT (09:09 AM EST)
The choppiness in the recent four-hour candle price action of USD/MXN continues; to start the current 4 hour candle, it came in at a price of 22.342, up 248 pips (0.11%) since the last 4 hour candle. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 8th in terms of percentage change since the last 4 hour candle.
USD/MXN End of Day Recap
Updated 00:30 GMT (04:30 EST)
USD/MXN is down 734 pips (0.33%) since the day prior (opening today near 22.4153), marking the 2nd day in a row it has gone down. On a relative basis, USD/MXN was the worst performer out of all 40 of the assets in the Forex asset class. Below is a price chart of USD/MXN.
USD/MXN Technical Analysis
Notably, 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 20 day average, which is 2826.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 5 out of the past 10 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. 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.
USDMXN is currently in a descending channel. I would like to go for a sell if price reverses from the trend line. Be aware of support at 22.18. Price could react of this support so keep an eye on it.