USD/MXN 4 Hour Price Update
Updated June 30, 2020 09:08 PM GMT (05:08 PM EST)
USD/MXN is down 968 pips (0.42%) since the last 4 hour candle (opening the current 4 hour candle near 22.9878), marking the 2nd candle in a row it has gone down. On a relative basis, USD/MXN was the worst performer out of all 37 of the assets in the Forex asset class.
USD/MXN End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of USD/MXN’s 3 day up streak; price ended the previous day down 64 pips (-0.03%) to finish the day at a rate of 23.05356. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 34th in terms of percentage change since the previous day. The price chart of USD/MXN below illustrates.
USD/MXN Technical Analysis
Coming into today 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 1536.6 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone down 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 0 sell signals and 3 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 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!