Silver vs Pesos Technical Analysis | Silver vs Pesos Trading: 2020-02-24 | IFCM UAE
IFC Markets Online CFD Broker

Silver vs Pesos Technical Analysis - Silver vs Pesos Trading: 2020-02-24

XAG MXN Technical Analysis Summary

Accelerometer arrow
Strong SellSellNeutralBuyStrong Buy

Above 350

Buy Stop

Below 324

Stop Loss

Mary Wild
Senior Analytical Expert
Articles 2058
IndicatorSignal
RSI Buy
MACD Buy
MA(200) Buy
Fractals Buy
Bollinger Bands Neutral
Parabolic SAR Buy

XAG MXN Chart Analysis

XAG MXN Chart Analysis

XAG MXN Technical Analysis

On the daily timeframe, XAGMXN: D1 went up from the neutral channel. It’s hard to say whether this is a breakthrough of the resistance line or a false one, but a number of technical analysis indicators formed signals for a further increase. We do not exclude bullish trend if the XAGMXN rises above its last high: 350. This level can be used as an entry point. The initial limitation of the risk is possible below the last lower fractal, the 200-day moving average line and the Parabolic signal: 324. After opening a pending order, the stop moves after the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit / loss ratio in our favor. After the transaction, the most cautious traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price overcomes the stop level (324) without activating the order (350), it is recommended to delete the order: there are internal changes in the market that have not been taken into account.

Fundamental Analysis of PCI - XAG MXN

In this review we propose to consider the Silver vs. MXN Personal Composite Instrument (PCI). It reflects the price dynamics of silver versus the Mexican peso. Will XAGMXN quotations grow?

Such dynamics means a rise in price of silver and weakening of the Mexican peso. On February 13, the Bank of Mexico lowered the rate to 7% from 7.25%. Against this background, last week the peso showed its maximum decline in 9 months. Market participants do not rule out further rate cuts amid relatively low Mexican inflation of 3.18% in the second half of January, in annual terms. Mexico will release many important macroeconomic data next week: inflation for the 1st half of February (Monday), final GDP and current account balance for the 4th quarter (Tuesday), retail sales for December (Wednesday), unemployment for January ( Thursday) and the trade balance for January (Friday). These figures indicators can affect the dynamics of the Mexican peso. On the other hand, silver rises in price along with other precious metals amid the risks of the coronavirus epidemic expansion. Note that the volume of silver trading on the COMEX exchange in January 2020 increased by 32% compared with January 2019 and amounted to 313 thousand tons.

IFCM Trading Academy - New era in Forex education
Pass Your Course:
  • Get Certificate
trading academy

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

Close support
Call to Skype Call to WhatsApp Call to telegram Call Back Call to messenger