MXN/PEN Currency Pair Forecast

Red day on Wednesday for MXN/PEN currency pair after losing 0.439%
(Updated on May 08, 2024)

MXNPEN Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The MXN/PEN currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $0.221 and $0.221. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -0.740%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this currency pair may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued. The currency pair had a Golden Star Signal on Thursday, March 21, 2024 in the short-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/PEN currency pair

MXN/PEN finds support from accumulated volume at $0.220 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 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 $0.0044 between high and low, or 2.04%. For the last week the currency pair has had daily average volatility of 2.22%

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (MXNPEN) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect MXN/PEN to open at $0.219, and during the day (based on 14 day Average True Range), to move between $0.215 and $0.225, which gives a possible trading interval of +/-$0.0049 (+/-2.24%) up or down from last closing price. If MXN/PEN takes out the full calculated possible swing range there will be an estimated 4.47% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $0.220 (0.02%) than the resistance at $0.222 (0.70%), 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/PEN currency pair A Buy?

MXN/PEN holds several negative signals and is within a 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: -2.872 Sell Candidate Unchanged

Predicted Opening Price for MXN/PEN of Thursday, May 9, 2024

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