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Free AccessCEEMEA FX Price Signal Summary: USDZAR Breaches Support
- EURHUF is weaker today and is extending the pullback from last week’s peak of 398.65, Jun 1 high. This also means that - for now- key resistance at 399.64, the Mar 7 high, remains intact. A break of this hurdle is required to confirm a resumption of the broader uptrend. The cross is testing levels below the 20-day EMA. An extension lower would open the 50-day EMA at 382.14. The current retracement is considered corrective and the 50-day average marks an important support.
- EURPLN is unchanged and is consolidating. The cross remains in bear mode condition. Price has recently traded through the 4.60 handle - a clear breach of this level and a continuation lower would signal scope for a deeper pullback and open the 4.50 handle and support at 4.4826, the Feb 16 low. Key resistance has been defined at 4.7279, Apr 26 high. Initial resistance is at 4.6395, the 50-day EMA.
- USDZAR remains in a short-term downtrend. The pair has recently breached both the 20- and 50-day EMAs and today has confirmed a break of support at 15.4112, May 4 low. This signals scope for weakness towards 15.1364, 61.8% of the Mar 31 - May 16 bull leg. The current retracement is still considered corrective though. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger. Initial resistance is at 15.8655, May 26 high.
- USDTRY has again traded higher today. The pair maintains a bullish tone, following recent gains and the break of the 16.00 level. 16.4488 has been cleared, 76.4% of the Dec 20 - 23 sell-off. The breach opens the 17.00 handle. Initial firm support lies at 15.3559, the 20-day EMA.
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Why MNI
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