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

EMERGING MARKETS
  • A continuation higher this week in USDZAR reinforces the short-term bullish theme and confirms an extension of the reversal that started May 21. The pair has traded through resistance at the 50-day EMA and this signals scope for an extension higher near-term. 18.8678, the 61.8% retracement of the Apr 19 - May 21 bear leg, has also been breached. Sights are on 19.0659, the 76.4% retracement point. Price action is likely to remain volatile near-term. Initial support to watch lies at 18.4946, the Jun 3 low. Clearance of this level would instead highlight a possible short-term bearish reversal.
  • The path of least resistance in USDTRY is unchanged and remains up. Short-term pullbacks are considered corrective. The 50-day EMA marks initial support, at 32.1568 today. Scope is seen for a climb towards the 33.00 handle over the medium-term.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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