USD/MXN Up 919 Pips in Last 4 Hours, Underperforms All Forex; 2 Day Up Streak Snapped

USD/MXN 4 Hour Price Update

Updated May 13, 2020 01:08 AM GMT (09:08 PM EST)

USD/MXN is up 919 pips (0.38%) since the previous 4 hours (opening the current 4 hour candle near 24.3503), marking the 3rd candle in a row an increase has occurred. For context, observe that the previous 4 hours were noteworthy in the sense that 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)

The back and forth price flow continues for USD/MXN, which started today off at 24.33573, down 459 pips 0.19% from yesterday. It may be worth observing that USD/MXN was the worst performer of the 40 members in the Forex asset class over the past day. Below is a price chart of USD/MXN.

USD/MXN Technical Analysis

Notably, USD/MXN is now close to its 20 and 50 day averages, located at 24.3039 and 24.0949 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. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDMXN; just 1 sell signals and 3 buy signals. This imputes a buy/sell ratio of 3, which is bullish. 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.

For months, USDMXN has been extremely bullish, however prices started to make converging swings, forming a symmetrical triangle….Prices broke out with a lower low and restested structure with a lower high which lined up with the 50% fib level where we often look for entries….My stop loss is above the wick and target is at the 161.80& Fib extension.