USD/MXN Up 659 Pips On 4 Hour Chart, Came Into Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/MXN 4 Hour Price Update

Updated June 25, 2020 01:10 PM GMT (09:10 AM EST)

USD/MXN is up 659 pips (0.29%) since the previous 4 hours (opening the current 4 hour candle near 22.9225), marking the 9th candle in a row an upward move has occurred. On a relative basis, the previous 4 hours were pretty good: USD/MXN bested all 37 of the assets in the Forex class 🙂

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/MXN is up 281 pips (0.12%) since yesterday (opening today near 22.7921), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, USD/MXN ranked 9th yesterday in terms of percentage price change. Below is a price chart of USD/MXN.

USD/MXN Technical Analysis

Coming into today USD/MXN is now close to its 50 and 100 day averages, located at 22.9138 and 23.0692 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 1217.1 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USD/MXN’s price has gone up 7 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDMXN, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

USD/MXN is currently mixing lower highs and higher lows on the daily chart and the pair look likely to break this narrowing range shortly.