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CEEMEA FX Price Signal Summary - USDTRY Trend Needle Is Still Pointing North

EMERGING MARKETS
  • USDZAR remains below the Dec 1 high of 17.9596. The pair has recently retraced a portion of the Nov 30 - Dec 1 bounce. Key support lies at 16.8980, the Nov 30 low. A break of this level is required to reinstate the recent bearish theme. A firm resistance is seen at 17.9384, the 61.8% retracement of the downleg between Oct 13 - Nov 30. This level was pierced on Dec 1, a clear break of it would expose 18.5815, the Oct 13 high.
  • The primary trend direction in USDTRY is unchanged and remains up. The 18.6000 handle has recently been breached and a continuation higher would open 18.70 and beyond. The 50-day EMA, at 18.5498, marks the first support.
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