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CEEMEA FX Price Signal Summary - Runaway Uptrend In USDTRY

EMERGING MARKETS
  • The USDZAR trend outlook remains bullish, however for now, the pair has entered a bearish corrective cycle and price has traded through support at 19.1352, the May 24 low. The breach signals scope for an extension towards the 50-day EMA which intersects at 18.8579 and represents the next key support. Clearance of this level would strengthen a bearish condition. On the upside, a reversal higher would refocus attention on the bull trigger at 19.9204, the Jun 1 high.
  • The path of least resistance in USDTRY is unchanged and remains up as the pair continues to appreciate. The latest recovery highlights an acceleration of the uptrend. The 23.00 objective has been cleared and the focus is on 24.00 next. The 20-day EMA at 20.5894 marks the first key support.

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