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EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDZAR Support Exposed

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • Recent weakness in USDZAR resulted in a breach of key support at 18.3022, the Jan 24 low. The clear break of this level highlights a strengthening bearish theme. Attention is on 17.9992, the 76.4% retracement of the upleg between Dec 12 - Jan 13. Note that a trendline support lies at 18.0365 - drawn from the Sep 30 low. A clear breach of the retracement point and the trendline, would signal scope for an extension towards 17.6191, the Dec 12 ‘24 low. Firm short-term resistance has been defined at 18.7246, the Feb 28 high. Initial resistance is at 18.4269, the 50-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a continuation of the trend. The 36.00 handle has been cleared and this opens 37.00. Support at the 20-day EMA, lies at 36.3940.
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  • Recent weakness in USDZAR resulted in a breach of key support at 18.3022, the Jan 24 low. The clear break of this level highlights a strengthening bearish theme. Attention is on 17.9992, the 76.4% retracement of the upleg between Dec 12 - Jan 13. Note that a trendline support lies at 18.0365 - drawn from the Sep 30 low. A clear breach of the retracement point and the trendline, would signal scope for an extension towards 17.6191, the Dec 12 ‘24 low. Firm short-term resistance has been defined at 18.7246, the Feb 28 high. Initial resistance is at 18.4269, the 50-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a continuation of the trend. The 36.00 handle has been cleared and this opens 37.00. Support at the 20-day EMA, lies at 36.3940.