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

EMERGING MARKETS
  • USDZAR started this week on a firmer note and traded above last week’s high. A key resistance at 18.9570, the Nov 24 high, has been cleared. The break strengthens a bullish theme and opens 19.2710, the Oct 26 high. On the downside, initial support lies at 18.4597, the Nov 29 low. A stronger reversal lower and a break of this level, would instead expose the short-term bear trigger at 18.1117, the Nov 15 low. Clearance of this level would open 17.9434, the 76.4% retracement of the Jul 27 - Oct 6 bull phase.
  • The path of least resistance in USDTRY is unchanged and remains up as the USD continues to appreciate against TRY. Initial support lies at 28.8099 the 20-day EMA. 29.00 has been cleared, the break opens the 30.00 handle.
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