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 breaking below the uptrend Pitchfork channel 3.95 level. We could now see a pullback into the 3.60 level since the uptrend continuation is invalidated. The downside support is 3.80-3.89 zone.
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.
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USDCNY is in the triangle between 6.8674 and 6.9210 level. A confirmed daily close above the 6.9200 level is required for a continuation higher. A daily close below 6.8500 level is required for a downside extension.
USDTRY broke the triangle by extending the downside below the 6.100 level. As long as it is below this level we could see a downside extension to 5.4600 level.
We have used the combination of the top-down trading analysis to get this key levels explained on the charts. USD is in the near-term uptrend continuation against most of the EM currencies and we could see the continuation of this trend moving forward.
Happy trading! (click on the chart to enlarge it)
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