USD/MXN Down 370 Pips On 4 Hour Chart, in a Downtrend Over Past 90 Days; Eyes 100 Day Average

USD/MXN 4 Hour Price Update

Updated June 29, 2020 09:10 PM GMT (05:10 PM EST)

USD/MXN entered the current 4 hour candle at 23.0892, down 370 pips (0.16%) from the previous 4 hours. Relative to other instruments in the Forex asset class, USD/MXN ranked 32nd 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 up 163 pips (0.07%) since the day prior (opening today near 23.03109), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, USD/MXN ended up ranking 3rd for the day in terms of price change. The price chart of USD/MXN below illustrates.

USD/MXN Technical Analysis

Notably, the current price of USD/MXN is sitting close to its 50 and 100 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 100 day average, which is 1087.7 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. Or to simplify this another way, note that out of the past 10 days USD/MXN’s price has gone up 6 them. 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

Of note is that traders in aggregate have opinions on USDMXN, with 11 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 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.

Just a quick update on my previous post….The market has retested our triangle and failed to break below and a bull confirmation has been formed….we should be able to see at least another 2,000pips upward movement for the day!