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 has broken below the 3.786 level, also a 200 SMA, which is opening further downside extension into the 3.5000 level.
USDRUB is going for a test of 70 level and another higher retest of the previously broken uptrend line. A daily close above 70 is required for an upside continuation. Rejection will lead to a pullback into 66 again which is ongoing now. A daily close below the 66.90 will open a high probability downside extension into the 65 level.
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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 which is broken and we could see a test of 6.80 for an extreme downside extension into the 6.7000 level. Only a daily close above the 6.90 level would invalidate the downside extension.
USDTRY has briefly broken above the consolidation triangle 5.3300 level and could extend higher into the 5.80 level. Only a daily close below the 5.17 would invalidate the upside reversal and could lead to further downside extension.
We have used the combination of the top-down trading analysis to get these key levels explained on the charts.
Happy trading! (click on the chart to enlarge it)
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