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CEEMEA FX Price Signal Summary - Path Of Least Resistance IN USDTRY Remains Up

EMERGING MARKETS
  • A strong rally in USDZAR last week confirmed a reversal of the bear leg between Apr 19 - May 21. The pair traded through resistance at the 50-day EMA and this signals scope for an extension higher near-term. 18.8678, the 61.8%retracement of the Apr 19 - May 21 bear leg, has been pierced. A clear break would open 19.0659, the 76.4% retracement point. Price action is likely to remain volatile near-term. Yesterday’s move lower exposed support at 18.4831, the 20-day EMA, This average remains intact for now. Clearance of it would instead highlight a possible short-term bearish reversal.
  • The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Today’s rally highlights the fact that the pair remains above support at both the 20- and 50-day EMAs. The 20-day EMA marks initial support, at 32.2470 today. Scope is seen for a climb towards the 33.00 handle over the medium-term.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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