USDMXN Strong sell opportunity on the 1D MA200.

FX_IDC:USDMXN   U.S. Dollar / Mexican Peso
The USDMXN pair gave us a strong sell signal last time we looked at it (February 19, see chart below):

Now a new sell opportunity has emerged as it got rejected heavily at the top (Lower Highs trend-line) of the 2-year Bearish Megaphone pattern and is now trading mostly below the 1D MA200 (orange trend-line).

According to the RSI fractal, this price action is similar to the December 2022 consolidation that kickstarted a heavy decline with first stop the -0.382 Fibonacci extension. As a result, we turn bearish again, targeting 15.7500 (just above the -0.382 Fib).


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