While the squeak could be any number of things, my first instinct is to say that probably the radius arm bushings are worn out on your truck. If it's not that, repost and we can go from there.
The radius arm bushings (there are two of them, on for each side of the truck) are rubber or polyurethane pieces that fit between some of the suspension components on 91-94 Explorers. Later trucks don't have them. The rad arm bushings very commonly wear out on these trucks. The bushings themselves are very cheap ($15 or so) but there is cost or work involved in replacing them because other things have to be done to get the old bushings off and put the new ones on.
If you have any more questions, ask them here. I have replaced the bushings on my truck three times and on friends trucks (Rangers, Bronco II's, and Explorers) a couple of times also. You can do a search here on radius arm bushings, that should help you too.