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CEEMEA FX Price Signal Summary - USDZAR Bear Cycle Remains In Play

EMERGING MARKETS
  • The USDZAR remains in a bearish corrective cycle and traded lower again yesterday. Price has breached the 50-day EMA and note that trendline support has also been cleared. The trendline is drawn from the Jan 13 low and intersects at 18.6835. This strengthens a bearish condition and opens 18.1706, the May 4 low. On the upside, initial firm resistance is seen at 19.0055, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. The latest recovery highlights an acceleration of the uptrend. The 23.00 objective has been cleared and the focus is on 24.00 next. The 20-day EMA at 21.9262 marks the first key support.

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