April 26, 2024 10:57 GMT
CEEMEA FX Price Signal Summary - USDZAR Pullback Appears To Be A Correction
EMERGING MARKETS
- USDZAR reversed higher on Apr 10 and the subsequent recovery signals a stronger bullish theme. For now, the latest pullback appears to be a correction. A resumption of gains would refocus attention on key resistance at 19.3899, the Feb 23 high. Clearance of this level would open 19.6399, the Oct 6 2023 high. Key support has been defined at 18.4131, the Apr 9 low. A break of the support would reinstate a bearish theme and this would open 18.2550, the Dec 29 low. First support lies at 18.6524, the Apr 12 low.
- The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Initial key support around the 20-day EMA - at 32.3562 - has recently been pierced. A deeper pullback would open support at the 50-day EMA, at 31.8771. Sights are on the 33.00 handle.
140 words