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CEEMEA FX Price Signal Summary: USD/ZAR Rallies Shortlived

MARKET INSIGHT
  • USDZAR staged a sharp intraday rally late yesterday on news of the finance minister's resignation, but the rally was short-lived, keeping the outlook negative for now after failing to break 15.00 in late July. The pair holds between support at the 50-dma (successfully held at 14.22 on Wednesday) and resistance crossing at the 14.69 200-dma.
  • EURHUF downtrend has extended further Friday, with the cross printing lower lows for a tenth consecutive session. Support at both the 50- and 100-dmas have given way, opening losses toward 351.76 Fib support.
  • EURPLN has stabilised after pulling lower on the failed break of the 4.60 double top. Bulls need to retake this level to open 4.6224, 76.4% of the Mar 29 - Jun 7 downleg. Firm support is seen at 4.5309, Jul 15 low.
  • USDTRY is extending the rally off the Monday lows, with the 50-dma successfully providing resistance at current levels. Markets need to top this first at 8.5978 to stage a test on 8.6263 as well as the year's highs of 8.8008. Key support is unchanged at 8.2860, Jun 11 low.
  • USDRUB remains toward the bottom-end of the recent range, with 72.6851 the downside level to watch. Scope exists for a deeper pullback towards the 72.00 handle. The bull trigger is at 75.3497, Jul 8 high. Initial resistance is at 74.2742, Jul 26 high.

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