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 pullback is on the way and an important downside resistance test is 200 SMA 3.6402.
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. The downside support is 5.9000 level.
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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