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

EMERGING MARKETS
  • USDZAR maintains a softer tone, having pulled back from its recent highs. The break below the 50-day EMA suggests that a bearish cycle is likely to dominate for now and this highlights potential for weakness towards 18.4131, the Apr 9 low and a key support. Clearance of this level would strengthen a bearish condition. On the upside, the bull trigger is at 19.3899, the Feb 23 high. Initial resistance is 18.8930.
  • The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. Initial key support around the 20-day EMA - at 32.3900 - has been pierced. A deeper pullback would open support at the 50-day EMA, at 31.9462. Sights are on the 33.00 handle.

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