March 16, 2023 11:49 GMT
CEEMEA FX Price Signal Summary - USDTRY Path Of Least Resistance Remains Up
- The USDZAR uptrend remains intact, however, the latest pullback highlights a corrective cycle. Attention has been on support at 18.0825, the Mar 3 low. The pair challenged this support Tuesday. A clear break of it would signal scope for a deeper pullback and open 17.8863, the 50-day EMA. Key resistance and the bull trigger is at 18.7192, the Mar 8 high. A breach of this hurdle would resume the uptrend and open the 19.00 handle.
- The primary trend direction in USDTRY is unchanged and the path of least resistance remains up. The 19.00 handle has been breached and the focus is on 19.10 and 19.20. The 20-day EMA at 18.8975, marks the first support.