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

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • USDZAR traded lower last week and the pair remains in a clear downtrend - for now. The latest recovery appears to be a correction. 17.4193, the Jul 27 ‘23 low, has 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. Initial firm resistance is seen at 17.7625, the 50-day EMA. A clear break of the average would signal a potential reversal. First resistance is 17.4881, the 20-day EMA.
  • 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 34.0793, the 20-day EMA. Support at the 50-day EMA, lies at 33.7855.
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  • USDZAR traded lower last week and the pair remains in a clear downtrend - for now. The latest recovery appears to be a correction. 17.4193, the Jul 27 ‘23 low, has 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. Initial firm resistance is seen at 17.7625, the 50-day EMA. A clear break of the average would signal a potential reversal. First resistance is 17.4881, the 20-day EMA.
  • 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 34.0793, the 20-day EMA. Support at the 50-day EMA, lies at 33.7855.