USD/MXN Up 1427 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days

USD/MXN 4 Hour Price Update

Updated March 31, 2020 01:05 PM GMT (09:05 AM EST)

The back and forth price flow continues for USD/MXN, which started the current 4 hour candle off at 24.0032, up 1427 pips 0.6% from the previous 4 hours. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 5th in terms of percentage change since the previous 4 hours.

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/MXN is up 403 pips (0.17%) since the previous day (opening today near 23.8263), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USD/MXN ranked 11th the previous day in terms of percentage price change. The price chart of USD/MXN below illustrates.

USD/MXN Technical Analysis

Volatility for USD/MXN has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. 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 3 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.33, which is bearish. Here’s a piece we found on; below is a short snippet from it to give you a taste.

USD/MXN might target fresh highs as the US Dollar to Mexican Peso looks to extend its explosive breakout amid crashing crude oil prices and deepening coronavirus recession risk.