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CEEMEA FX Price Signal Summary - USDZAR Downtrend Remains Intact

  • USDZAR remains in a bearish corrective cycle. Price has recently 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 18.7746. The break strengthens a bearish condition and opens 18.00 and 17.9928, the Apr 20 low. On the upside, initial firm resistance is seen at 18.7148, 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 22.4773 marks the first key support.

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