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

EMERGING MARKETS
  • USDZAR is trading closer to its recent lows, following the pullback from the Feb 23 high. The recent break through - the 50-day EMA, and support at 18.7622, the Feb 21 low, is a short-term bearish development. This threatens the recent bullish theme and instead signals scope for an extension lower. Support at 18.5578, the Feb 2 low, has been pierced. Clearance of this level would open 18.2550, the Dec 29 low. Initial resistance is at 18.8920, the 50-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up as the USD continues to appreciate against TRY. Initial support lies at 31.3832, the 20-day EMA. The 32.00 handle has been breached and this opens 33.00.

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