MNI China Daily Summary: Thursday, March 13

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EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDTRY Bull Leg Extends

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • The current bear cycle in USDZAR remains in play and the pair traded low last week. The move down highlights an extension of the corrective wave. The 50-day EMA, at 18.4303, has been pierced. A clear break of the average would open 18.2343 and 17.9992, the 61.8% and 76.4% retracement points of the Dec 12 - Jan 13 bull cycle. Note that moving average studies are in a bull mode set-up highlighting a dominant medium-term uptrend. Today’s bounce is a positive development for bulls, a stronger resumption of gains would refocus attention on 19.2296, the Jan 13 high and bull trigger.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a continuation of the trend. The focus is on the 36.00 handle. Support at the 20-day EMA, lies at 35.4369.
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  • The current bear cycle in USDZAR remains in play and the pair traded low last week. The move down highlights an extension of the corrective wave. The 50-day EMA, at 18.4303, has been pierced. A clear break of the average would open 18.2343 and 17.9992, the 61.8% and 76.4% retracement points of the Dec 12 - Jan 13 bull cycle. Note that moving average studies are in a bull mode set-up highlighting a dominant medium-term uptrend. Today’s bounce is a positive development for bulls, a stronger resumption of gains would refocus attention on 19.2296, the Jan 13 high and bull trigger.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a continuation of the trend. The focus is on the 36.00 handle. Support at the 20-day EMA, lies at 35.4369.