The Mexican Peso (MXN) trades marginally higher in its most heavily-traded pairs on Friday after bottoming out of its three-day down slope on Thursday.
The Mexican Peso halts its march lower after strong economic data from the US, its largest trading partner. China data tempers slowdown fears and also supports emerging market FX, including the MXN. USD/MXN stalls, forms a Shooting Star candlestick pattern and reverses. The Mexican Peso trades marginally higher in its most heavily-traded pairs on Friday after bottoming out of its three-day down slope on Thursday.
Technical Analysis: USD/MXN recovery stalls and forms Shooting Star candlestick USD/MXN stalls mid-takeoff, rolling over after three green up days and threatening to correct back. The pair formed on Thursday a slightly ominous, if small, Japanese Shooting Star candlestick – a bearish formation . This could indicate a near-term pullback is about to unfold. The pattern requires the next day to be a red down day for confirmation, however, which will not be clarified until the end of Friday .
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