April 17, 2024 11:05 GMT
CEEMEA FX Price Signal Summary - USDTRY Path Of Least Resistance Remains Up
EMERGING MARKETS
- USDZAR reversed higher on Oct 4 and the subsequent recovery signals a stronger bullish theme. Key support has been defined at 18.4131, the Apr 9 low. A breach of this level is required to reinstate the recent bearish theme and this would open 18.2550, the Dec 29 low. Sights are on resistance at 19.1063, the Mar 28 high. It has been pierced, a clear break of this hurdle would strengthen a bullish theme and open 19.3899, the Feb 23 high. Initial support lies at 18.6524, the Apr 12 low.
- The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Initial key support around the 20-day EMA - at 32.1752 - has recently been pierced. A deeper pullback would open support at the 50-day EMA, at 31.6652. Sights are on the 33.00 handle.
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