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EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDZAR Corrective Bounce

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • A bear threat in USDZAR remains present and recent weakness reinforces the current trend condition. The break lower in August confirmed a resumption of the downtrend and maintains the bullish price sequence of lower lows and lower highs. This paves the way for an extension towards 17.5713, the Jul 28 ‘23 low and 17.4193, the Jul 27 ‘23 low and the next key support. Initial firm resistance is seen at 18.1181, the 50-day EMA. Short-term gains are considered corrective.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend, and the pair has breached the 34.00 handle. This opens 35.00. Initial support lies at 33.7699, the 20-day EMA.
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  • A bear threat in USDZAR remains present and recent weakness reinforces the current trend condition. The break lower in August confirmed a resumption of the downtrend and maintains the bullish price sequence of lower lows and lower highs. This paves the way for an extension towards 17.5713, the Jul 28 ‘23 low and 17.4193, the Jul 27 ‘23 low and the next key support. Initial firm resistance is seen at 18.1181, the 50-day EMA. Short-term gains are considered corrective.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend, and the pair has breached the 34.00 handle. This opens 35.00. Initial support lies at 33.7699, the 20-day EMA.