In this article, we will take a look at the Emerging Market Currencies. We will take a look at the technical analysis perspective of the USD/BRL, USD/RUB, USD/CNY, and USD/TRY.
USDBRL is testing the 3.6547 level of the 200 SMA for a break into the 3.5000 level. The downside support is 3.75-3.85 zone. The pair is not for trading at the moment.
USDRUB is going for a test of the 64-65 zone of the upside support. Look for a reaction there. A daily close below the 64 level could lead to an extension lower into the 61.20 level. The downside support now is 66.900 level which is on a test now
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USDCNY reached the 7 level and we could now expect a fall into the 6.8000 level. The downside support is 6.9500 level.
USDTRY is breaking below the 5.4600 level for an extended move into the 4.83 level lower. The downside support is 5.5800 level. Look for the short trade entries with the stop loss above the 5.7000 level.
We have used the combination of the top-down trading analysis to get this key levels explained on the charts.
Happy trading! (click on the chart to enlarge it)
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