Tuesday’s spinning top candle suggests buyer exhaustion in USD/MXN. Mexican peso could witness a notable oversold bounce in the interim. USD/MXN created a spinning top candle on Tuesday, which occurs when the pair sees wild swings in both directions before ending the day with moderate gains/losses. The spinning top is indicative of buyer exhaustion and validates the extreme overbought conditions signaled by the 14-day relative strength index. As a result, the Mexican peso (MXN) could see a notable bounce, pushing USD/MXN lower. At press time, the pair is sidelined around 22.92, having hit a record high of 23.3190 on Wednesday. A close below 22.4586 (Tuesday’s low) would confirm a bearish reversal spinning top pattern and open the doors for a slide to the March 16 low of 21.3927. Alternatively, a close above Tuesday’s high of 23.2319 would imply bullish continuation. Daily chart Trend: Pullback likely Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Treasury Dept: US Treasury Sec. Mnuchin, Japan’s FinMin Aso discuss coronavirus economic impact FX Street 2 years Tuesday's spinning top candle suggests buyer exhaustion in USD/MXN. Mexican peso could witness a notable oversold bounce in the interim. USD/MXN created a spinning top candle on Tuesday, which occurs when the pair sees wild swings in both directions before ending the day with moderate gains/losses. The spinning top is indicative of buyer exhaustion and validates the extreme overbought conditions signaled by the 14-day relative strength index. As a result, the Mexican peso (MXN) could see a notable bounce, pushing USD/MXN lower. At press time, the pair is sidelined around 22.92, having hit a record high of 23.3190 on Wednesday. A… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
