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CEEMEA FX Price Signal Summary - USDTRY Remains Above Last Week's Low

  • The trend outlook in USDZAR remains bullish and the latest pullback is considered corrective. The next support to watch is 18.2582, the Aug 2 low. Resistance at 19.1533, the Jul 7 high, was breached on Aug 15. This reinforces current bullish conditions and opens 19.3301, 76.4% of the Jun 1 - Jul 27 downleg. A break of this level would signal scope for a climb towards 19.50 and 19.9204, the Jun 1 high.
  • The path of least resistance in USDTRY is unchanged and remains up. Last week’s sell-off is considered corrective. The pair breached support at both the 20- and 50-day EMAs and 25.2874, the Aug 24 low, has been defined as the key short-term support where a break is required to signal scope for a deeper pullback. On the upside, clearance of the early Aug high at 27.3069 would confirm a resumption of the primary uptrend.

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