USD/MXN Down 564 Pips On 4 Hour Chart, Fares the Worst Out of Forex; But Still in an Uptrend Over Past 90 Days

USD/MXN 4 Hour Price Update

Updated May 18, 2020 05:07 PM GMT (01:07 PM EST)

USD/MXN is down 564 pips (0.24%) since the last 4 hour candle (opening the current 4 hour candle near 23.5968), marking the 2nd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, USD/MXN ended up ranking 30th for the four-hour candle in terms of price change.

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/MXN, which started today off at 23.89604, down 620 pips 0.26% from the previous day. It may be worth observing that USD/MXN was the worst performer of the 40 members in the Forex asset class over the past day. The price chart of USD/MXN below illustrates.

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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days USD/MXN’s price has gone up 17 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 3 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1, which is neutral. 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.

Hello everyone – this is just an idea of a trade I am going to take if I see a candle crossing the 38.20% fibb.