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

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • USDZAR continues to trade above the Jan 24 low. Price action on Jan 27 highlighted a possible early reversal signal - a bullish engulfing candle. The pattern has also signalled the end of the corrective cycle between Jan 13 - 24. A resumption of gains would expose key short-term resistance at 19.2296, the Jan 13 high. Clearance of this level would confirm a continuation of the medium-term uptrend. Support to watch is 18.3022, the Jan 24 low. A breach of this level would instead reinstate the recent bear cycle and open 18.2343 and 17.992, the 61.8% and 76.4% retracement points of the upleg between Dec 12 - Jan 13.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a continuation of the trend. The 36.00 handle has been cleared, this opens 37.00. Support at the 20-day EMA, lies at 35.7694.
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  • USDZAR continues to trade above the Jan 24 low. Price action on Jan 27 highlighted a possible early reversal signal - a bullish engulfing candle. The pattern has also signalled the end of the corrective cycle between Jan 13 - 24. A resumption of gains would expose key short-term resistance at 19.2296, the Jan 13 high. Clearance of this level would confirm a continuation of the medium-term uptrend. Support to watch is 18.3022, the Jan 24 low. A breach of this level would instead reinstate the recent bear cycle and open 18.2343 and 17.992, the 61.8% and 76.4% retracement points of the upleg between Dec 12 - Jan 13.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a continuation of the trend. The 36.00 handle has been cleared, this opens 37.00. Support at the 20-day EMA, lies at 35.7694.