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CEEMEA FX Price Signal Summary - USDTRY Crosses 19.80, Sights Are On 20.00

  • The USDZAR trend outlook remains bullish and the pair is trading closer to its recent highs. Last week’s gains confirmed a resumption of the uptrend that started in June 2021 - former key short-term resistance at 18.7192, the Mar 8 high, has been cleared. The strong rally also resulted in a break of 19.00 and more importantly resulted in a print above 19.3508, the Apr 6 2020 high, sending USDZAR to an all-time high. Sights are on the psychological 20.00 handle next. Initial support is at 18.9945, the May 16 low. The trend is overbought. Short-term pullbacks would be considered corrective and this would allow the overbought condition to unwind.
  • The path of least resistance in USDTRY is unchanged and remains up as the pair continues to climb. The 19.80 objective has been achieved and the focus shifts to the 20.00 psychological handle next. The 20-day EMA at 19.5740, marks the first support.

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