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CEEMEA FX Price Signal Summary - USDZAR Bear Cycle Extends

EMERGING MARKETS
  • USDZAR remains in a bearish corrective cycle and is trading lower again today. Price has breached the 50-day EMA and note that trendline support has also been cleared. The trendline is drawn from the Jan 13 low and intersects at 18.7017. This strengthens a bearish condition and opens 18.00 and 17.9928, the Apr 20 low. On the upside, initial firm resistance is seen at 18.9309, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. The latest recovery highlights an acceleration of the uptrend. The 23.00 objective has been cleared and the focus is on 24.00 next. The 20-day EMA at 21.9269 marks the first key support.

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