• The USDZAR trend outlook remains bullish and the pair touched a fresh all-time high yesterday of 19.8672. This confirms a resumption of the primary uptrend and maintains the price sequence of higher highs and higher lows. The focus is on the psychological 20.00 handle next. Initial support is at 19.1352, the May 24 low. Note that the trend is overbought. Short-term pullbacks would be considered corrective and this would allow the overbought condition to unwind.
  • The path of least resistance in USDTRY is unchanged and remains up as the pair continues to climb. The 20.00 objective has been cleared and the focus is on the 21.00 next. The 20-day EMA at 19.8100 marks the first support.

EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDTRY Rally Accelerates

Last updated at:May-31 11:18By: Taso Anastasiou
  • The USDZAR trend outlook remains bullish and the pair touched a fresh all-time high yesterday of 19.8672. This confirms a resumption of the primary uptrend and maintains the price sequence of higher highs and higher lows. The focus is on the psychological 20.00 handle next. Initial support is at 19.1352, the May 24 low. Note that the trend is overbought. Short-term pullbacks would be considered corrective and this would allow the overbought condition to unwind.
  • The path of least resistance in USDTRY is unchanged and remains up as the pair continues to climb. The 20.00 objective has been cleared and the focus is on the 21.00 next. The 20-day EMA at 19.8100 marks the first support.

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