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CEEMEA FX Price Signal Summary - USDTRY Path Of Least Resistance Remains Up

  • USDZAR traded higher Friday, extending the recovery from the Jun 16 low. Price has cleared resistance at the 20-day EMA and also traded above trendline support-now-resistance, drawn from the Jan 13 low - the trendline intersects at 18.9022. However, price has also pulled back from Friday’s high of 19.0434. A resumption of gains and a break of 19.0434, would open 1.2346, 61.8% of the Jun 1 - 16 bear leg. Further out, key resistance is at 19.9204, the Jun 1 high. Initial firm support is seen at 18.4310, the Jun 27 low. Key support and the bear trigger lies sat 18.1250, the Jun 16 low.
  • The path of least resistance in USDTRY is unchanged and remains up. The latest recovery highlights a continued acceleration of the uptrend. The 26.00 objective has been pierced and the focus is on 27.00 next. The 20-day EMA at 24.1566 marks the first key support.

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