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CEEMEA FX Price Signal Summary - USDZAR Reversal Extends

EMERGING MARKETS
  • USDZAR reversed higher last Wednesday and the subsequent recovery signals a stronger bullish theme. Key support has been defined at 18.4131, the Apr 9 low. A breach of this support is required to reinstate the recent bearish theme and this would open 18.2550, the Dec 29 low. Sights are on resistance at 19.1063, the Mar 28 high. A break of this hurdle would strengthen a bullish theme and open 19.3899, the Feb 23 high.
  • 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 32.1140 - has recently been pierced highlighting a corrective cycle. A deeper pullback would open support at the 50-day EMA, at 31.5997. A resumption of the uptrend would open 33.00.
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