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 has broken above the important resistance and has pulled back for a retest. Now only a daily close below the 3.8000 level will invalidate the upside extension and a test of 4.0500 level.
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. Now only a daily close below the 14.10 level will invalidate the upside extension.
USDCNY is trying to reverse higher from here and has broken the 6.70 level of resistance but is pulling back for a retest of it. This level should hold for an upside reversal continuation.
USDTRY has broken above the 5.50 level with increased volatile moves. The pair should hold the 5.35-5.40 zone for an upside continuation. Only a daily close below the 5.30 level will invalidate completely the upside reversal.
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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