Free Trial

CEEMEA FX Price Signal Summary - Corrective Cycle In USDZAR Still In Play

EMERGING MARKETS
  • A corrective cycle in USDZAR remains in play and this highlights scope for an extension lower near-term. Support at 17.8777, Oct 27 low, has been breached and attention is on the 50-day EMA at 17.8017 which has been pierced. A clear break of this average would strengthen a short-term bearish theme and open 17.5709, the Oct 4 low and 17.3060, the Jul 14 high and a former key resistance. The bull trigger is at 18.5815, the Oct 13 high.
  • The primary trend direction in USDTRY remains up and the pair is trading at its recent highs. The 18.6000 handle has recently been breached and a continuation higher would open 18.70 and beyond. The 50-day EMA, at 18.3919 marks support for now

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.