January 20, 2023 12:10 GMT
CEEMEA FX Price Signal Summary - USDTRY Uptrend Still Intact
- USDZAR is holding on to its recent gains. Despite a move higher, the downtrend remains intact and this week’s gains are considered corrective. The recent breach of 16.7815, the Jan 4 low, confirmed a resumption of the bear trend. This paves the way for a move towards the 16.50 handle next. Moving average studies are in a bear mode position, highlighting a dominant downtrend. Firm resistance to watch is at 17.4343, the Jan 6 high. A break would alter the short-term picture.
- The primary trend direction in USDTRY is unchanged and remains up. The 18.7000 handle has been breached and the focus is on the 18.8000 handle (pierced) and 18.9000 further out. The 20-day EMA, at 18.7384 marks the first support.