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 rejected by the 3.7960 level and this rejection could lead to a downside test of 3.6828 level. A daily close above the 3.7960 level is required for the upside extension.
USDRUB is testing again the 65.47 level for the downside continuation into the 62.9520 level. A daily close above the 67 level is required for an upside extension.
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USDCNY reacted to the 7 level and we could now expect a fall into the 6.8400 level. The downside support is 6.9500 level. Only a daily close above the 7 level could lead to an upside continuation.
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. Only a daily close above the 5.6900 level would lead to an upside reversal higher.
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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