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. The pair is in the consolidation triangle.
USDRUB is consolidating between the 66 and 67 levels. 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. At this stage look for the long trade entries with the stop loss below the 66.49.
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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 testing the broken downside channel 5.2000 level. A daily close above the 5.37 is required for the upside continuation. As long as we are below this level the downtrend could continue and a test of 5.0937 is possible. Stay away from the trade entries for now.
We have used the combination of the top-down trading analysis to get these key levels explained on the charts.
Happy trading! (click on the chart to enlarge it)
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