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EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDZAR Heads South

EMERGING MARKETS
BulletEM BulletEmerging Market News
  • USDZAR traded lower last week and the pair continues to head south this week. Price is through support at 17.5965, the Aug 30 low. The clear break of this level confirms a range breakout and a resumption of the current downtrend. 17.4193, the Jul 27 ‘23 low has also been breached. A continuation lower would open 17.1388 next, the 1.00 projection of the 1 Jun - Jul 27 - Oct 6 2023 price swing. Further out, scope is seen for a move towards 17.00. Initial firm resistance is seen at 17.8964, the 50-day EMA. A clear break of the average would signal a potential reversal. First resistance is 17.6631, 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 33.9913, the 20-day EMA. Support at the 50-day EMA, lies at 33.6775.
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  • USDZAR traded lower last week and the pair continues to head south this week. Price is through support at 17.5965, the Aug 30 low. The clear break of this level confirms a range breakout and a resumption of the current downtrend. 17.4193, the Jul 27 ‘23 low has also been breached. A continuation lower would open 17.1388 next, the 1.00 projection of the 1 Jun - Jul 27 - Oct 6 2023 price swing. Further out, scope is seen for a move towards 17.00. Initial firm resistance is seen at 17.8964, the 50-day EMA. A clear break of the average would signal a potential reversal. First resistance is 17.6631, 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 33.9913, the 20-day EMA. Support at the 50-day EMA, lies at 33.6775.