MXN/COP Currency Pair Forecast
MXN/COP currency pair price up 0.382% on Friday
(Updated on May 17, 2024)
The MXN/COP currency pair price gained 0.382% on the last trading day (Friday, 17th May 2024), rising from $228.42 to $229.29. During the last trading day the currency pair fluctuated 0.508% from a day low at $228.93 to a day high of $230.09. The price has risen in 6 of the last 10 days but is still down by -0.2% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 18 thousand more shares were traded than the day before. In total, 18 thousand shares were bought and sold for approximately $4.22 million.
The currency pair is moving within a narrow and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect MXN/COP currency pair with a 90% probability to be traded between $223.99 and $234.25 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MXNCOP Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The MXN/COP currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $230.25 and $229.63. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 10, 2024, and so far it has fallen -1.13%. Further fall is indicated until a new bottom pivot has been found. The currency pair had a Golden Star Signal on Wednesday, May 01, 2024 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star 12 Months
The currency pair had a Golden Star Signal on Wednesday, May 01, 2024 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for MXN/COP currency pair
MXN/COP finds support from accumulated volume at $229.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $1.16 between high and low, or 0.508%. For the last week the currency pair has had daily average volatility of 1.42%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MXNCOP) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect MXN/COP to open at $229.44, and during the day (based on 14 day Average True Range), to move between $225.86 and $232.73, which gives a possible trading interval of +/-$3.44 (+/-1.50%) up or down from last closing price. If MXN/COP takes out the full calculated possible swing range there will be an estimated 3.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $229.10 (0.09%) than the resistance at $230.47 (0.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MXN/COP currency pair A Buy?
MXN/COP holds several negative signals and is within a narrow and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair.
Current score: -1.346 Sell Candidate Unchanged
Predicted Opening Price for MXN/COP of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $229.44 ( 0.0636%) | $229.29 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MXNCOP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 230.60 | 0.571 % | |
| R2 | 230.16 | 0.377 % | ||
| R1 | 229.88 | 0.257 % | ||
| Current price: | 229.29 | |||
| Support | S1 | 229.00 | -0.130 % | |
| S2 | 228.72 | -0.250 % | ||
| S3 | 228.28 | -0.444 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 233.40 | 1.79 % | |
| R2 | 232.20 | 1.27 % | ||
| R1 | 230.47 | 0.513 % | ||
| Current price | 229.29 | |||
| Support | S1 | 229.10 | -0.0857% | |
| S2 | 228.29 | -0.439% | ||
| S3 | 225.93 | -1.47% |
FAQ
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