January 26, 2023 11:42 GMT
CEEMEA FX Price Signal Summary - USDZAR Resistance Remains Intact
- USDZAR has edged lower today. Despite a recent move higher, the downtrend remains intact and short-term gains are considered corrective. A resumption of weakness would refocus attention on 16.6950, the Jan 12 low and bear trigger. A break of this level would open 16.50. Moving average studies are in a bear mode position, highlighting a dominant downtrend. Firm resistance to watch is at 17.4343, the Jan 6 high. A break would alter the short-term picture and instead open 17.7601, the Dec 13 high.
- The primary trend direction in USDTRY is unchanged and remains up. The 18.8000 handle has been breached and the focus shifts to 18.9000. The 20-day EMA, at 18.7573 marks the first support.