May 22, 2024 11:04 GMT
CEEMEA FX Price Signal Summary - USDZAR Bear Cycle Remains In Play
EMERGING MARKETS
- A bearish theme in USDZAR remains intact and the pair has traded to a fresh cycle low this week. The recent move through support at 18.4131, the Apr 9 low, strengthens a bearish theme and signals scope for a continuation. Attention is on 18.1092, the Dec 15 low. It has been pierced, a clear break of this level would open 17.9434, 76.4% of the Jul 27 ‘23 - Oct 6 ‘23 bull leg. Initial resistance is at 18.4540, the 20-day EMA.
- The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. The 20-day EMA - at 32.2910 - has been pierced. A deeper corrective pullback would open support at the 50-day EMA, at 32.0945. Sights are on the 33.00 handle.
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