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CEEMEA FX Price Signal Summary - USDZAR Trades Through Trendline Resistance

EMERGING MARKETS
  • USDZAR holds on to its recovery from recent lows. The broader trend outlook remains bearish and short-term gains are considered corrective - for now. The pair has traded above both the 20- and 50-day EMAs and this does highlight potential for a stronger corrective bounce. Note too that 18.5632 has been breached - trendline resistance drawn from the Jun 1 high. The break strengthens current bullish conditions and opens 18.8587 next, the Jul 11 high. On the downside, a resumption of weakness would refocus attention on 17.4193, the Jul 27 low and the bear trigger. First support lies at 18.1611, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. The recent recovery highlights a continued acceleration of the uptrend. The 26.00 objective has been cleared and the focus is on 28.00 next. The 20-day EMA at 26.5370 represents the first key support.
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