FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OUTLOOK: CEEMEA FX Price Signal Summary - USDZAR Bear Cycle Intact

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • USDZAR has traded lower this week. The pair 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. Initial firm resistance is seen at 17.9669, the 50-day EMA. A clear break of the average would signal a potential reversal. First resistance is 17.7759, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs would highlight a resumption of the trend. Sights are on 35.00. Initial support lies at 33.9441, the 20-day EMA. Support at the 50-day EMA, lies at 33.6203.
136 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • USDZAR has traded lower this week. The pair 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. Initial firm resistance is seen at 17.9669, the 50-day EMA. A clear break of the average would signal a potential reversal. First resistance is 17.7759, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs would highlight a resumption of the trend. Sights are on 35.00. Initial support lies at 33.9441, the 20-day EMA. Support at the 50-day EMA, lies at 33.6203.