USDMXN Has Room For More Weakness

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USDMXN is in free fall after we spotted a break out of wave B bearish triangle pattern. We see a sharp drop below 19.00 now seen in a third leg of a decline, breaking even 18.50 level, a 2020 pandemic low that signals for an extension lower towards next 17.45 support or maybe even lower, just be aware of a new wave (IV) corrective pullback. This bearish projection remains valid as long as market trades below 19 invalidation level and trendline resistance connected from 20.62.

We talked about USDMXN and many other markets in live webinar yesterday on Monday, March 06, 2023: You can watch a recording below: 

Video Length: 00:49:01

 

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