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CEEMEA FX Price Signal Summary - Bear Threat In USDZAR Remains Present

EMERGING MARKETS
  • A bearish theme in USDZAR remains intact and the latest sell-off reinforces this set-up. Recent weakness has resulted in a break of 18.0290, the May 21 low and a key support. The clear breach of this level strengthens a bearish theme and opens 17.4193, the July 27 2023 low and a key support. Price action is likely to remain volatile near-term. A reversal higher would refocus attention on resistance at 19.0054, the Jun 6 high. Initial resistance is at 18.5281, the Jun 28 high and just above the 50-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs last week, highlight a resumption of the trend, and the pair has touched the 33.00 handle. The 20-day EMA is initial support, at 32.6410 today. Scope is seen for a climb towards the 34.00 handle, once a clear break of 33.00 has been confirmed.
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