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/ZAR, USD/CNY, and USD/TRY.
USDBRL is consolidating just above the strong downside 3.71 level. Only a daily close above the 3.84 could lead to an upside extension. Wait for the daily close below the 3.71 for short trade entries. A daily close below the 3.71 level could lead to a test of 3.6000.
USDZAR is trying to break above the falling channel 14.2000 level for an upside extension into the 15.0000 level. Wait for a daily close above this level for the long trade entries. Now only the close below the 13.80000 level will invalidate the upside break.
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USDTRY is testing the 200 SMA for an upside reversal higher 5.36 level. A daily close above this level will end the 5.13-5.30 recent range. For a downside continuation within a falling channel, we need to see a daily close below a 5.13 level.
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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