Home Forex USD/MXN Down 5529 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days

USD/MXN Down 5529 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; Price Base in Formation Over Past 14 Days

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USD/MXN 4 Hour Price Update

Updated March 31, 2020 05:10 PM GMT (01:10 PM EST)

The back and forth price flow continues for USD/MXN, which started the current 4 hour candle off at 23.4503, down 5529 pips 2.3% from the previous 4 hours. Those trading within the Forex asset class should know that USD/MXN was the worst performer in the class.

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/MXN is up 403 pips (0.17%) since yesterday (opening today near 23.8263), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 11th in terms of percentage change since yesterday. 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 9 out of the past 14 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 dailyfx.com; 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.

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