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.
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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 13.90 level will call for a deeper pullback.
USDCNY is trying to reverse higher from here and is facing a strong resistance 6.73 level. A daily close above this level is needed for the upside reversal.
USDTRY has broken above the 5.50 level and is continuing to the upside 6 level. No visible resistance from here.Â
We have used the combination of the top-down trading analysis to get these key levels explained on the charts.
[/swpm_protected]Happy trading! (click on the chart to enlarge it)
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