CLP/MXN Currency Pair Forecast

Green day on Friday for CLP/MXN
(Updated on May 31, 2024)

CLPMXN Signals & Forecast

There are mixed signals in the currency pair today. A sell signal was issued from a pivot top point on Tuesday, May 28, 2024, and so far it has fallen -0.81%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued. The CLP/MXN currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.0185 and $0.0181. A breakdown below any of these levels will issue sell signals.

Support, Risk & Stop-loss for CLP/MXN currency pair

On the downside, the currency pair finds support just below today's level from accumulated volume at $0.0173 and $0.0170. There is a natural risk involved when a currency pair is testing a support level, since if this is broken, the currency pair then may fall to the next support level. In this case, CLP/MXN finds support just below today's level at $0.0173. If this is broken, then the next support from accumulated volume will be at $0.0170 and $0.0168.

In general the currency pair tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the currency pair During the last day, the currency pair moved $0.0003 between high and low, or 1.45%. For the last week the currency pair has had daily average volatility of 0.566%

Our recommended stop-loss: $0.0179 (-3.43%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)

Trading Expectations (CLPMXN) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect CLP/MXN to open at $0.0184, and during the day (based on 14 day Average True Range), to move between $0.0183 and $0.0188, which gives a possible trading interval of +/-$0.0002 (+/-1.22%) up or down from last closing price. If CLP/MXN takes out the full calculated possible swing range there will be an estimated 2.44% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.0186 (0.38%) than the support at $0.0173 (6.49%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is CLP/MXN currency pair A Buy?

CLP/MXN holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.887 Hold/Accumulate Unchanged

Predicted Opening Price for CLP/MXN of Monday, June 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.