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.
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.
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USDCNY is in the consolidation 6.8000-6.8400 zone. We could see a break of this range soon and look for a possible pullback lower or extension higher depending on a price action. The daily close below the 6.8500 is needed for the 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 the 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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