November 20, 2023 12:15 GMT
CEEMEA FX Price Signal Summary - USDTRY Path Of Least Resistance Remains Present
- USDZAR traded sharply lower last week and a bear threat remains present. Price has pierced key short-term support at 18.1581, the Jun 6 low, to confirm a resumption of the bear cycle that started Oct 6. The break lower signals scope for an extension towards 17.9434 next, the 76.4% retracement of the Jul 27 - Oct 6 bull phase. Key short-term resistance has been defined at 18.8057, the Nov 10 high.
- The path of least resistance in USDTRY is unchanged and remains up as the USD continues to appreciate against TRY. Initial support lies at 28.3900, the 20-day EMA. The focus is on the 29.00 handle.