April 25, 2024 11:16 GMT
CEEMEA FX Price Signal Summary - USDTRY Path Of Least Resistance Remains Up
EMERGING MARKETS
- USDZAR reversed higher on Apr 10 and the subsequent recovery signals a stronger bullish theme. For now, today’s move lower appears to be a correction. Sights are on key resistance at 19.3899, the Feb 23 high. A break of this level would open 19.6399, the Oct 6 2023 high. Key support has been defined at 18.4131, the Apr 9 low. Clearance of this level would reinstate a bearish theme and this would open 18.2550, the Dec 29 low. Initial firm short-term support lies at 18.9077, the 50-day EMA.
- 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 32.3372 - has recently been pierced. A deeper pullback would open support at the 50-day EMA, at 31.8501. Sights are on the 33.00 handle.
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