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

EMERGING MARKETS
  • USDZAR has recovered from its recent lows, following the pullback from the Feb 23 high. The recent downside break of the 50-day EMA, and support at 18.7622, the Feb 21 low, marks a short-term bearish development. This threatens the recent bullish theme and a resumption of weakness would signal scope for an extension lower. Support at 18.5578, the Feb 2 low, has recently been pierced. A clear break of it would open 18.2550, the Dec 29 low. On the upside, the USD is once again above the 50-day EMA. An extension higher would instead signal a reversal and expose key resistance at 19.3899, the Feb 23 high.
  • The path of least resistance in USDTRY is unchanged and remains up as the USD continues to appreciate against TRY. Initial support lies at 31.7122, the 20-day EMA. The 32.00 handle has been breached and this opens 33.00.

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