USD/MXN Up 755 Pips On 4 Hour Chart, 4 Day Down Streak Ended; in an Uptrend Over Past 90 Days

USD/MXN 4 Hour Price Update

Updated May 21, 2020 12:46 AM GMT (08:46 PM EST)

USD/MXN, which opened the current 4 hour candle priced near 23.2079, is up 755 pips 0.33% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 6 four-hour candle negative run. USD/MXN outperformed all 37 assets in the Forex asset class the previous 4 hours.

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/MXN, which opened today priced near 23.208, is up 97 pips 0.04% since yesterday, marking a reversal from the day prior — and the end of a 4 day negative run. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. The price chart of USD/MXN below illustrates.

USD/MXN Technical Analysis

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 7342.1 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days USD/MXN’s price has gone up 15 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 1 buy signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci, relative strength index and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDMXN broke lower limit of triangle patternPrice is based below HVN at level 24.0610 which indicates that pair is in distribution phaseBelow SMA 100 on H4 frameMACD shows bearish momentumRSI is in downtrendIt’s expected going down testing daily support level at 22.0264 which corresponds to 127% Fibonacci expansion