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 key 3.7000 level for a complete downside reversal and a slide to 3.5500 level. Only a daily close above the 3.7100 level will invalidate the downside.
USDRUB is reversing from a 70 level. A daily close above 68 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. A daily close below the 6.7100 is required for a downside extension.
USDTRY is consolidating between 5.30 and 5.45. A daily close above the 5.45 level is needed for an upside reversal and a test of 5.80 level. A daily close below the 5.23 level is required for a downside continuation.
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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