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CEEMEA FX Price Signal Summary - USDZAR Approaches Trendline Support

EMERGING MARKETS
EM BulletHomepagemarkets-real-timeBulletEmerging Markets News
  • A corrective cycle in USDZAR remains in play and this highlights scope for an extension lower near-term. Support at 17.8777, Oct 27 low, has been breached this week. Note too that the 50-day EMA has also been cleared. This strengthens a short-term bearish theme and the focus is on a trendline support drawn from the Apr 13 low. The line intersects at 17.1235. A break would open 16.9818, the Sep 13 low. Initial firm resistance is at 17.9646, the 20-day EMA.
  • The primary trend direction in USDTRY 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 18.4031 marks support for now.
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  • A corrective cycle in USDZAR remains in play and this highlights scope for an extension lower near-term. Support at 17.8777, Oct 27 low, has been breached this week. Note too that the 50-day EMA has also been cleared. This strengthens a short-term bearish theme and the focus is on a trendline support drawn from the Apr 13 low. The line intersects at 17.1235. A break would open 16.9818, the Sep 13 low. Initial firm resistance is at 17.9646, the 20-day EMA.
  • The primary trend direction in USDTRY 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 18.4031 marks support for now.