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 3.6547 level of the 200 SMA for a break into the 3.5000 level. The downside support is 3.75-3.85 zone. The pair is not for trading at the moment.
USDRUB is bouncing off the 65-66 zone and this bounce could produce an upside test of 71 level. A break below the 65.50 level and a daily close below it could lead to a downside extension into the 62.70 level. Look for the long trade entries for now with the stop loss below the 66.23 level.
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USDCNY reached the 7 level and we could now expect a fall into the 6.8000 level. The downside support is 6.9500 level. Stay away from the trade entries for now as the pair could retest 6.98 again.
USDTRY is breaking below the 5.4600 level for an extended move into the 4.83 level lower. The downside support is 5.5800 level. Look for the short trade entries with the stop loss above the 5.7000 level. Only a daily close above the 5.8000 level would lead to an upside reversal higher.
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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