May 17, 2024 10:59 GMT
CEEMEA FX Price Signal Summary - USDZAR Trend Condition Remains Bearish
EMERGING MARKETS
- A bearish theme in USDZAR remains intact and the pair has traded to a fresh trend low today. The move through support at 18.4131, the Apr 9 low, strengthens a bearish theme and signals scope for a continuation towards 18.1092, the Dec 15 low. A break of this level would open 17.9434, 76.4% of the Jul 27 ‘23 - Oct 6 ‘23 bull leg. Initial resistance is at 18.5619, the 20-day EMA.
- The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. The 20-day EMA - at 32.3188 - has been pierced. A deeper corrective pullback would open support at the 50-day EMA, at 32.0794. Sights are on the 33.00 handle.
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