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CEEMEA FX Price Signal Summary - USDZAR Pullback Considered Corrective

EMERGING MARKETS
  • The trend condition in USDZAR remains bullish and the latest pullback is considered corrective. On Oct 12 / 13, price traded to a fresh trend high and breached resistance at 18.2214, the Sep 28 high. This maintains a bullish sequence of higher highs and higher lows and reinforces the uptrend. A resumption of the bull cycle would open the 19.00 handle. Key short-term support lies at 17.5709, the Oct 4 low.
  • USDTRY trend conditions remain bullish and the pair is trading at its recent highs. The 18.6000 handle has recently been breached and a continuation higher would open 18.70 and beyond. The 20-day EMA, at 18.5380 is the initial firm support to watch.
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