April 29, 2024 11:00 GMT
CEEMEA FX Price Signal Summary - Bear Cycle In USDZAR
EMERGING MARKETS
- USDZAR has pulled back from its recent highs and the pair is trading at last week's lows. The break below the 50-day EMA suggests that a bearish outlook dominates for now and this highlights potential for weakness towards 18.4131, the Apr 9 low and a key support. Clearance of this level would strengthen a bearish condition. On the upside, the bull trigger is at 19.3899, the Feb 23 high.
- The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Initial key support around the 20-day EMA - at 32.37087 - has been pierced. A deeper pullback would open support at the 50-day EMA, at 31.9019. Sights are on the 33.00 handle.
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