November 18, 2022 12:03 GMT
CEEMEA FX Price Signal Summary - USDZAR Trendline Support Remains Exposed
- USDZAR is trading closer to its recent lows. Attention is on a key trendline support that intersects at 17.2115. The trendline is drawn from the Apr 13 low and represents a key short-term support. 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 17.7045, 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 18.4374, marks the key support.