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CEEMEA FX Price Signal Summary - USDZAR Bear Cycle Remains Intact

EMERGING MARKETS
  • USDZAR maintains a softer tone following last week’s bearish price action. The pair breached support at 17.9944, the 50-day EMA. The break confirms an extension of the short-term corrective cycle and signals scope for a continuation lower. This has opened 17.7071 (tested), 50.0% of the Jan 12 - Mar 8 rally. A clear break of this level would open 17.6431, the Feb 14 low. Initial firm resistance is at 18.1171, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. The 19.00 handle and 19.20 level have been breached and the focus is on 19.40 next. The 20-day EMA at 19.0678, marks the first support.
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