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CEEMEA FX Price Signal Summary - USDTRY Uptrend Extends Once Again

EMERGING MARKETS
  • A bullish outlook in USDZAR remains intact and the Feb 23 break higher reinforces this condition. This week’s pullback is considered corrective - for now. The pair has cleared resistance at 19.2180, the Jan 22 high, confirming a resumption of the uptrend. The move signals scope for a climb towards 19.6399, the Oct 6 ‘23 high. Key support has been defined at 18.7622, the Feb 21 low. A break of this level would alter the picture.
  • The path of least resistance in USDTRY is unchanged and remains up as the USD continues to appreciate against TRY. Initial support lies at 30.8291, the 20-day EMA. The 31.00 handle has been cleared, the focus is on 32.00.
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