USDMXN Consolidation before strong decline.
The USDMXN pair gave us the most optimal sell signal on our last analysis (October 09 2023) and after hitting our 17.0500 target, is consolidating:
This consolidation is on 1D RSI terms, similar to September 28 - October 28 2022, when the RSI Triangle broke downwards and with that, the price was detached from the 1D MA50 (blue trend-line) and aggressively declined to marginally over the -0.236 Fibonacci extension. As a result, we are taking now another sell with our Target at 16.200 (Fibonacci -0.236).
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This consolidation is on 1D RSI terms, similar to September 28 - October 28 2022, when the RSI Triangle broke downwards and with that, the price was detached from the 1D MA50 (blue trend-line) and aggressively declined to marginally over the -0.236 Fibonacci extension. As a result, we are taking now another sell with our Target at 16.200 (Fibonacci -0.236).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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