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CEEMEA FX Price Signal Summary - Corrective Pullback In USDTRY

EMERGING MARKETS
  • USDZAR has rebounded from its latest lows. For now, a bearish theme remains intact and the sell-off between Jun 6 - 21, reinforces this set-up. That move lower resulted in a break of 18.0290, the May 21 low and a key support. The clear breach of it strengthens a bearish theme and opens 17.4193, the July 27 2023 low and a key support. Price action is likely to remain volatile. A stronger reversal higher would refocus attention on resistance at 19.0054, the Jun 6 high. Key support and the bear trigger lies at 17.8689, the Jun 21 low.
  • 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 has been pierced. The next support is at 32.4241, the 50-day EMA. The latest pullback is considered corrective. 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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