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Market News Topics
May 31, 2023 11:18 GMT
CEEMEA FX Price Signal Summary - USDTRY Rally Accelerates
EMERGING MARKETS
- 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.
To read the full story
Close
Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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