USD/MXN Up 1691 Pips On 4 Hour Chart, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart

USD/MXN 4 Hour Price Update

Updated May 15, 2020 01:05 PM GMT (09:05 AM EST)

USD/MXN entered the current 4 hour candle at 23.9626, up 1691 pips (0.71%) from the previous 4 hours. Out of the 37 instruments in the Forex asset class, USD/MXN ended up ranking 4th for the four-hour candle in terms of price change.

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/MXN continues; to start today, it came in at a price of 23.86689, up 79 pips (0.03%) since the day prior. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 22nd in terms of percentage change since the day prior. The price chart of USD/MXN below illustrates.

USD/MXN Technical Analysis

Notably, USD/MXN is now close to its 20 and 50 day averages, located at 24.2383 and 24.113 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days USD/MXN’s price has gone up 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDMXN, with 2 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.22, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

We can scalp long for this pair