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 briefly retested the 3.9580 level and we are seeing again the rejection into the 3.786 level lower. Now a daily close above the 3.9000 level is required for the upside reversal.
USDRUB is consolidating between the 66 and 67 level. A daily close above the 67 level is required for an upside continuation. A daily close below the 66 level is required for a downside reversal into the 63.40.
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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. Only a daily close above the 7 level could lead to an upside continuation. Consolidation between 6.95 and 7 is ongoing.
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 5.5800 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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