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

EMERGING MARKETS
  • The trend condition in USDZAR is unchanged and remains bearish. 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. Initial key resistance is 18.6627, the Jul 2 high. The bear trigger is unchanged at 17.8689, the Jun 21 low.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend, and the pair has breached the 33.00 handle. Initial support lies at 32.7777 the 20-day EMA. Scope is seen for a climb towards the 34.00 handle.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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