Free Trial

CEEMEA FX Price Signal Summary - USDZAR Remains Below Last Week's High

EMERGING MARKETS
  • USDZAR traded higher last Friday, extending the recovery from the Jun 16 low. Price cleared resistance at the 20-day EMA and also traded above trendline support-now-resistance, drawn from the Jan 13 low - a bullish development. The trendline intersects at 18.9386. However, the pair has also pulled back from Friday’s high of 19.0434. A continuation lower would expose initial firm support at 18.4310, the Jun 27 low, and key support and the bear trigger at 18.1250, the Jun 16 low. For bulls, a resumption of gains and a break of 19.0434, would open 19.2346, 61.8% of the Jun 1 - 16 bear leg.
  • The path of least resistance in USDTRY is unchanged and remains up. The latest recovery highlights a continued acceleration of the uptrend. The 26.00 objective has been pierced and the focus is on 27.00 next. The 20-day EMA at 24.4866 marks the first key support.

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.