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CEEMEA FX Price Signal Summary - Volatile Price Action In USDZAR, Watching Support

EMERGING MARKETS
  • A strong rally in USDZAR last week confirmed reversal of the bear leg between Apr 19 - May 21. The pair is through resistance at the 50-day EMA and this signals scope for an extension higher near-term. 18.8678, the 61.8%retracement of the Apr 19 - May 21 bear leg, has been pierced. A clear break would open 19.0659, the 76.4% retracement point. Price action is likely to be volatile near-term. Today's move lower exposes support at 18.6058, the 20-day EMA, and 18.4798, the 50-day EMA. Clearance of this EMA support zone would instead highlight a possible short-term bearish reversal.
  • The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Support around the 20-day EMA - at 32.2529 - has been pierced. A deeper corrective pullback would open support at the 50-day EMA, at 32.1287. Scope is seen for a climb towards the 33.00 handle over the medium-term.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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