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

EMERGING MARKETS
  • The recent downside break in USDZAR of the 50-day EMA, and of support at 18.7622, the Feb 21 low, continues to highlight a short-term bearish development. A resumption of weakness would signal scope for an extension lower. Support at 18.5578, the Feb 2 low, has recently been pierced and a clear break of it would open 18.2550, the Dec 29 low. On the upside, the pair has recovered from its recent lows, a stronger reversal would instead expose key resistance at 19.3899, the Feb 23 high.
  • The path of least resistance in USDTRY is unchanged and remains up. Short-term weakness is considered corrective. Initial key support lies at 31.8870, the 20-day EMA. The 32.00 handle has been breached and this opens 33.00.
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