USD/MXN Technical Analysis: Slide from long-term trendline founds support above 20-week moving average

• Mexican peso consolidates after rising more than 4% over the last two weeks. 
• USD/MXN still biased to the downside but needs a break under 19.30 to clear the way to more losses. 

The USD/MXN pair dropped last week, extending the correction after being rejected from above a long-term downtrend line that stands around 20.05. 
The decline found support above the 20-week simple moving average, near 19.30. A weekly close below, would point to more losses, and to a test of the 18.90 area, horizontal support and also an uptrend line. 

USD/MXN weekly chart