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CEEMEA FX Price Signal Summary - Short-Term USDZAR Trend Direction Remains Down

EMERGING MARKETS
  • USDZAR has recovered from its recent lows. For now, short-gains are considered corrective. Recent bearish price action resulted in a break of trendline support drawn from the Jan 13 low. The trendline intersects at 18.8111 and the break strengthens a bearish condition, signalling scope for 18.00 and 17.9928, the Apr 20 low. On the upside, the pair has pierced the 20-day EMA, at 18.7020 , the 20-day EMA. A clear break of this average and a move above resistance at the former trendline support (18.8111) would be seen as a short-term bullish development and signal scope for a stronger recovery.
  • The path of least resistance in USDTRY is unchanged and remains up. The latest recovery highlights a continued acceleration of the uptrend. The 26.00 objective has been pierced and the focus is on 27.00 next. The 20-day EMA at 22.9494 marks the first key support.
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