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/ZAR, USD/CNY, and USD/TRY.
USDBRL is again pulling back to test the uptrend support 3.8000 level. This level is required to hold for the upside continuation. A daily close below would open the short trades. Bounce will lead to a 3.9000 level test again.
USDZAR is pulling back for a retest of the strong broken upside resistance 14-14.20 zone. This zone should hold for an upside reversal continuation.
USDCNY is consolidating just below the strong upside resistance 6.7300 level. Now only a daily close above this level would lead to an upside reversal. Rejection should lead to a pullback into the 6.6400 level.
USDTRY is trying to break the triangle and extend higher during the low range days. Now only a daily close below the 5.35 level would invalidate the upside break.
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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