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CEEMEA FX Price Signal Summary - USDTRY Path Of Least Resistance Remains Up

EMERGING MARKETS
  • Despite a recent move higher, the downtrend in USDZAR remains intact and short-term gains are considered corrective. A resumption of weakness would refocus attention on 16.6950, the Jan 12 low and bear trigger. A break of this level would open 16.50. Moving average studies are in a bear mode position, highlighting a dominant downtrend. Firm resistance to watch is at 17.4343, the Jan 6 high. A break would alter the short-term picture and instead open 17.7601, the Dec 13 high.
  • The primary trend direction in USDTRY is unchanged and remains up. The 18.8000 handle has been breached and the focus shifts to 18.9000. The 20-day EMA, at 18.7615 marks the first support.
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