November 17, 2022 12:07 GMT
CEEMEA FX Price Signal Summary - USDZAR Trendline Support Holds - For Now
- USDZAR is trading closer to its recent lows but is firmer today. Attention has been on a key trendline support that intersects at 17.1939. The trendline is drawn from the Apr 13 low. It has so far contained the recent pullback and this key short-term support remains intact. A clear break of this line would strengthen bearish conditions, and pave the way for a move to 16.9818 initially, the Sep 13 low. Initial firm resistance is at 17.7390, the 20-day EMA.
- The primary trend direction in USDTRY is unchanged and remains up. The 18.6000 handle has recently been breached and a continuation higher would open 18.70 and beyond. The 50-day EMA, at 18.4139, marks the key support.