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CEEMEA FX Price Signal Summary - Short-Term Reversal In USDZAR

EMERGING MARKETS
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • A strong rally in USDZAR today has confirmed a short-term reversal of the bear leg between Apr 19 - May 21. The pair is through resistance at the 50-day EMA and this signals scope for an extension higher near-term towards 18.8678 and 19.0659, the 61.8% and 76.4% retracement points of the Apr 19 - May 21 bear leg. Initial firm support has been defined at 18.2212, the May 29 low.
  • The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Support around the 20-day EMA - at 32.2568 - has been pierced. A deeper corrective pullback would open support at the 50-day EMA, at 32.1198. Scope is seen for a climb towards the 33.00 handle over the medium-term.
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  • A strong rally in USDZAR today has confirmed a short-term reversal of the bear leg between Apr 19 - May 21. The pair is through resistance at the 50-day EMA and this signals scope for an extension higher near-term towards 18.8678 and 19.0659, the 61.8% and 76.4% retracement points of the Apr 19 - May 21 bear leg. Initial firm support has been defined at 18.2212, the May 29 low.
  • The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Support around the 20-day EMA - at 32.2568 - has been pierced. A deeper corrective pullback would open support at the 50-day EMA, at 32.1198. Scope is seen for a climb towards the 33.00 handle over the medium-term.