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CEEMEA FX Price Signal Summary - USDTRY Trend Needle Still Points North

EMERGING MARKETS
  • A corrective cycle in USDZAR remains in play and this highlights scope for an extension lower near-term. Support at 17.8777, Oct 27 low, has been breached and attention is on the 50-day EMA at 17.8014 which has been pierced. A clear break of this average would strengthen a short-term bearish theme and open 17.5709, the Oct 4 low and 17.3060, the Jul 14 high and a former key resistance. The bull trigger is at 18.5815, the Oct 13 high.
  • The primary trend direction in USDTRY remains up and the pair is trading at its recent highs. The 18.6000 handle has recently been breached and a continuation higher would open 18.70 and beyond. The 50-day EMA, at 18.3996 marks support for now.
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