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CEEMEA FX Price Signal Summary - A Bear Threat In USDZAR Remains Present

EMERGING MARKETS
  • USDZAR has pulled back from its most recent high. A bearish theme remains intact and the latest bounce - for now - appears to be a correction. The recent move through support at 18.4131, the Apr 9 low, strengthened a bearish theme and signalled scope for a continuation lower. Attention is on 18.1092, the Dec 15 low. It has been pierced, a clear break of this level would open 17.9434, 76.4% of the Jul 27 ‘23 - Oct 6 ‘23 bull leg. The 20-day EMA has been breached. Resistance to watch is the 50-day EMA, at 18.5997.
  • The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Support around the 20-day EMA - at 32.2571 - has been pierced. A deeper corrective pullback would open support at the 50-day EMA, at 32.1143. Sights are on the 33.00 handle.
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