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CEEMEA FX Price Signal Summary - USDZAR Bear Leg Extends

EMERGING MARKETS
  • USDZAR is trading lower today as the pair extends the pullback from the Feb 23 high. Price has traded through the 50-day EMA and attention turns to support at 18.7622, the Feb 21 low. A break of this level would threaten the recent short-term bullish theme and instead signal scope for an extension towards 18.5578, the Feb 2 low. A reversal higher would refocus attention on 19.3899, the Feb 23 high. Clearance of this level would pave the way for a climb towards 19.6399, the Oct 6 ‘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 31.0126, the 20-day EMA. The focus is on 32.00.
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  • USDZAR is trading lower today as the pair extends the pullback from the Feb 23 high. Price has traded through the 50-day EMA and attention turns to support at 18.7622, the Feb 21 low. A break of this level would threaten the recent short-term bullish theme and instead signal scope for an extension towards 18.5578, the Feb 2 low. A reversal higher would refocus attention on 19.3899, the Feb 23 high. Clearance of this level would pave the way for a climb towards 19.6399, the Oct 6 ‘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 31.0126, the 20-day EMA. The focus is on 32.00.