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CEEMEA FX Price Signal Summary - USDZAR Breaches The 50-Day EMA

EMERGING MARKETS
  • The USDZAR primary trend outlook remains bullish, however, for now, the pair remains in a bearish corrective cycle and price continues to trade lower. Price has breached the 50-day EMA, at 18.8613. This strengthens a bearish condition and opens the 18.50 handle and 18.2946 further out, the May 9 high. On the upside, initial firm resistance is seen at 19.18, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up as the pair continues to appreciate. 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 21.0891 marks the first key support.

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