Free Trial

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • 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.