USD/MXN Down 196 Pips in Last 4 Hours, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/MXN 4 Hour Price Update

Updated July 29, 2020 01:17 AM GMT (09:17 PM EST)

USD/MXN entered the current 4 hour candle at 21.9402, down 196 pips (0.09%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, USD/MXN ranked 34th the last 4 hour candle in terms of percentage price change.

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/MXN is up 180 pips (0.08%) since yesterday (opening today near 21.94709), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 15th in terms of percentage change since yesterday. Let’s take a look at price chart of USD/MXN.

USD/MXN

USD/MXN Technical Analysis

Notably, USD/MXN is now close to its 20, 50 and 200 day moving averages, which may act as price barrier for the asset. 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 4197.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days. 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 4 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDMXN BUY probability, using trend analysis and Fibonacci Retracement. This is not a signal, but market analysis