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 3.86 level lower. Now a daily close above the 3.9000 level is required for the upside reversal. The pair is in the consolidation triangle. A daily close below the 3.8400 level is required for the downside continuation into 3.77 level. Possible H&S formation in making.
USDRUB is going for a test of 70 level and another higher retest of the previously broken uptrend line. A daily close above 70 is required for an upside continuation. Rejection will lead to a pullback into 66 again.
Sponsored by our recommended brokers LegacyFX. Not suitable for US traders.
All with spreads from as low as 0.0 pips, Swap free account using world’s preferred trading platforms,
MetaTrader 4 and Sirix.
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 which is broken and we could see a test of 6.80.
USDTRY is testing the broken downside channel 5.2000 level. A daily close above the 5.37 is required for the upside continuation. 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)
Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position risk free. We are publishing daily and weekly analysis and 5-10 trade alerts per week directly on your mobile device via Private twitter feed and Private Telegram group! NOW! NEW! Enhanced premium membership plans for new members
Our service is with you for 4 years! Net profit in 2017 11.2% Net profit in 2018 YTD 19.80%! We are beating the algos! New trading Year New enhanced plans!
