PEN/MXN Currency Pair Forecast
PEN/MXN currency pair price down 0.618% on Friday
(Updated on May 17, 2024)
The PEN/MXN currency pair price fell by -0.618% on the last day (Friday, 17th May 2024) from $4.49 to $4.46. It has now fallen 3 days in a row. During the last trading day the currency pair fluctuated 0.788% from a day low at $4.46 to a day high of $4.49. The price has fallen in 7 of the last 10 days and is down by -2.08% for this period. Volume fell on the last day along with the currency pair, which is actually a good sign as volume should follow the currency pair. On the last day, the trading volume fell by -3 thousand shares and in total, 39 thousand shares were bought and sold for approximately $175.19 thousand.
The currency pair is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $4.43 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect PEN/MXN currency pair with a 90% probability to be traded between $4.47 and $4.70 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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PENMXN Signals & Forecast
There are few to no technical positive signals at the moment. The PEN/MXN 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 $4.51 and $4.52. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -4.13%. 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 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.
Support, Risk & Stop-loss for PEN/MXN currency pair
PEN/MXN finds support from accumulated volume at $4.46 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 $0.0351 between high and low, or 0.788%. For the last week the currency pair has had daily average volatility of 0.91%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PENMXN) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect PEN/MXN to open at $4.47, and during the day (based on 14 day Average True Range), to move between $4.42 and $4.50, which gives a possible trading interval of +/-$0.0441 (+/-0.99%) up or down from last closing price. If PEN/MXN takes out the full calculated possible swing range there will be an estimated 1.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.46 (0.03%) than the resistance at $4.52 (1.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is PEN/MXN currency pair A Buy?
PEN/MXN 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: -1.061 Sell Candidate Unchanged
Predicted Opening Price for PEN/MXN of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $4.47 ( 0.208%) | $4.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PENMXN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.50 | 1.00 % | |
| R2 | 4.49 | 0.695 % | ||
| R1 | 4.48 | 0.509 % | ||
| Current price: | 4.46 | |||
| Support | S1 | 4.46 | -0.0924 % | |
| S2 | 4.45 | -0.278 % | ||
| S3 | 4.43 | -0.579 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4.59 | 2.82 % | |
| R2 | 4.56 | 2.33 % | ||
| R1 | 4.52 | 1.33 % | ||
| Current price | 4.46 | |||
| Support | S1 | 4.46 | -0.0305% | |
| S2 | 4.45 | -0.197% | ||
| S3 | 4.45 | -0.283% |
FAQ
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