USD/MXN Up 956 Pips in Last 4 Hours, Nears 20 and 50 Day Moving Averages; Pin Bar Pattern Appearing on Chart

USD/MXN 4 Hour Price Update

Updated August 06, 2020 09:09 AM GMT (05:09 AM EST)

USD/MXN is up 956 pips (0.43%) since the last 4 hour candle (opening the current 4 hour candle near 22.4703), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 4th in terms of percentage change since the last 4 hour candle.

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 22.36009, up 31 pips (0.01%) since the day prior. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 29th in terms of percentage change since the day prior. Here is a price chart of USD/MXN.

USD/MXN

USD/MXN Technical Analysis

The first thing we should note is that the current price of USD/MXN is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 425.4 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 18 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much commentary on USDMXN that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We will be looking buying opportunity on this pair.