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EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDZAR Approaches Resistance

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • USDZAR remains in a clear downtrend and the latest recovery appears to be a correction - for now. 17.4193, the Jul 27 ‘23 low, has recently been cleared reinforcing the current bearish condition. Sights are on the 17.00 handle next. If breached, this would open 16.8724, the Jan 18 ‘23 low. Moving average studies remain in a bear-mode condition and this highlights a dominant downtrend. Initial firm resistance is seen at 17.7224, the 50-day EMA. A clear break of the average would signal a potential reversal. This would open 18.0138, the Sep 12 high.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend. Sights are on 35.00. Initial support lies at 34.1289, the 20-day EMA. Support at the 50-day EMA, lies at 33.8510.
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  • USDZAR remains in a clear downtrend and the latest recovery appears to be a correction - for now. 17.4193, the Jul 27 ‘23 low, has recently been cleared reinforcing the current bearish condition. Sights are on the 17.00 handle next. If breached, this would open 16.8724, the Jan 18 ‘23 low. Moving average studies remain in a bear-mode condition and this highlights a dominant downtrend. Initial firm resistance is seen at 17.7224, the 50-day EMA. A clear break of the average would signal a potential reversal. This would open 18.0138, the Sep 12 high.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend. Sights are on 35.00. Initial support lies at 34.1289, the 20-day EMA. Support at the 50-day EMA, lies at 33.8510.