Free Trial

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

EMERGING MARKETS
  • USDZAR traded sharply lower late last week, clearing support at 18.0030, the 50-day EMA. The break lower confirms an extension of the short-term corrective cycle and signals scope for a continuation lower. This has opened 17.7071 (tested), 50.0% of the Jan 12 - Mar 8 rally. A clear break of this level would open 17.6431, the Feb 14 low. Initial firm resistance is at 18.1670, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. The 19.00 handle has been breached and the focus is on 19.20 (tested) and 19.40 further out. The 20-day EMA at 19.0366, marks the first support.

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.