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CEEMEA FX Price Signal Summary - USDZAR Bear Cycle Remains In Play

EMERGING MARKETS
  • A bearish theme in USDZAR remains intact and the pair traded to a fresh trend low Monday. The recent move through support at 18.4131, the Apr 9 low, strengthens a bearish theme and signals scope for a continuation. Attention is on 18.1092, the Dec 15 low. A clear break of this level would open 17.9434, 76.4% of the Jul 27 ‘23 - Oct 6 ‘23 bull leg. Initial resistance is at 18.4934, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and the long-term trend direction remains up. The 20-day EMA - at 32.3007 - has been pierced. A deeper corrective pullback would open support at the 50-day EMA, at 32.0902. Sights are on the 33.00 handle.
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