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CEEMEA FX Price Signal Summary - USDZAR Pullback Still Appears To Be A Correction

EMERGING MARKETS
  • The trend outlook in USDZAR is unchanged and conditions remain bullish. The recent move down is considered corrective. However, a key support area around the 50-day EMA, at 18.9414, has been breached. A clear bearish break would signal scope for a deeper retracement and expose 18.3805, the Aug 24 low. Key resistance and the bull trigger is unchanged at 19.6399, the Oct 6 high. Initial resistance is at 19.2710, the Oct 26 high.
  • The path of least resistance in USDTRY is unchanged and remains up. 25.2874, the Aug 24 low, has been defined as the key short-term support where a break is required to signal scope for a deeper pullback. Initial support lies at 27.8848, the 20-day EMA. The 28.00 handle has been breached, this opens the 29.00 handle.
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