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CEEMEA FX Price Signal Summary - Support In USDZAR Holds For Now

EMERGING MARKETS
  • USDZAR has recovered from its latest low but maintains a softer tone for now, following the recent sharp move lower. The recent break below the 50-day EMA suggests that a bearish cycle is likely to dominate for now, and leaves 18.4131, the Apr 9 low and a key support point, exposed. This support has been pierced, a clear break would strengthen a bearish condition and open 18.2550, the Dec 29 low. On the upside, the bull trigger is at 19.3899, the Feb 23 high. Initial resistance is 18.8265, the 50-day EMA.
  • 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 32.3683 - has been pierced. A deeper pullback would open support at the 50-day EMA, at 32.0179. Sights are on the 33.00 handle.

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