USD/MXN Down 355 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

USD/MXN 4 Hour Price Update

Updated June 22, 2020 01:12 PM GMT (09:12 AM EST)

USD/MXN is down 355 pips (0.16%) since the previous 4 hours (opening the current 4 hour candle near 22.4896), marking the 3rd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, USD/MXN ended up ranking 30th for the four-hour candle in terms of price change.

USD/MXN End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/MXN, which started today off at 22.62759, up 12 pips 0.01% from the day prior. Compared to its peers in the Forex, USD/MXN gave its buyers a return that ranked 25th in terms of percentage change since the day prior. Let’s take a look at price chart of USD/MXN.

USD/MXN Technical Analysis

Coming into today USD/MXN is now close to its 20, 50 and 100 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 100 day average, which is 3163.1 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 up. For additional context, note that price has gone up 7 out of the past 14 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

Of note is that traders in aggregate have opinions on USDMXN, with 4 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDMXN is currently in a descending channel. I would like to go for a sell if price reverses from the trend line. Be aware of support at 22.18. Price could react of this support so keep an eye on it.