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CEEMEA FX Price Signal Summary -USDZAR Corrective Bounce Extends

EMERGING MARKETS
  • USDZAR has recovered from its recent lows, however, the trend outlook remains bearish and short-term gains are considered corrective - for now. The pair has traded above both the 20- and 50-day EMAs and this does highlight potential for a stronger corrective bounce. The next important resistance is at 18.6222, a trendline resistance, drawn from the Jun 1 high. On the downside, a resumption of weakness would refocus attention on 17.4193, the Jul 27 low and the bear trigger.
  • The path of least resistance in USDTRY is unchanged and remains up. The recent recovery highlights a continued acceleration of the uptrend. The 26.00 objective has been cleared and the focus is on 27.00 next. The 20-day EMA at 26.4410 represents the first key support.
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