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

EMERGING MARKETS
  • USDZAR maintains a softer tone despite this week’s recovery. For now, the move higher appears to be a correction. The recent break of support at 18.6945, the Oct 18 low, and the recent move through the 50-day EMA, has strengthened a bearish theme. Moving average studies are in a bear mode position. The break lower has exposed the 18.00 handle and 17.9434, 76.4% of the Jul 27 - Oct 6 bull phase. On the upside, initial key resistance has been defined at 19.2710, the Oct 26 high. Resistance at the 50-day EMA, is at 18.8131.
  • The path of least resistance in USDTRY is unchanged and remains up as the USD continues to appreciate against TRY. Initial support lies at 28.1493, the 20-day EMA. The 28.00 handle has been breached, this opens 29.00.
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