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CEEMEA FX Price Signal Summary -USDZAR Trend Signals Remain Bearish

EMERGING MARKETS
  • The USDZAR downtrend remains intact and last week’s breach of 16.7815, the Jan 4 low, confirmed a resumption of the trend. This paves the way for a move towards the 16.50 handle next. Moving average studies are in a bear mode position and this highlights a dominant bear cycle. Short-term gains are considered corrective. Firm resistance is at 17.4343, the Jan 6 high.
  • The primary trend direction in USDTRY is unchanged and remains up. The 18.7000 handle has been breached and the focus is on the 18.8000 handle next and 18.9000 further out. The 20-day EMA, at 18.7264, marks the first support.
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