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Free AccessCEEMEA FX Price Signal Summary - USDTRY Crosses 19.80, Sights Are On 20.00
- The USDZAR trend outlook remains bullish and the pair is trading closer to its recent highs. Last week’s gains confirmed a resumption of the uptrend that started in June 2021 - former key short-term resistance at 18.7192, the Mar 8 high, has been cleared. The strong rally also resulted in a break of 19.00 and more importantly resulted in a print above 19.3508, the Apr 6 2020 high, sending USDZAR to an all-time high. Sights are on the psychological 20.00 handle next. Initial support is at 18.9945, the May 16 low. The trend is overbought. Short-term pullbacks would be considered corrective and this would allow the overbought condition to unwind.
- The path of least resistance in USDTRY is unchanged and remains up as the pair continues to climb. The 19.80 objective has been achieved and the focus shifts to the 20.00 psychological handle next. The 20-day EMA at 19.5740, marks the first support.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.