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

EMERGING MARKETS
  • USDZAR traded higher last week and in the process managed to clear resistance at 19.0434, the Jun 30 high. The break confirms a resumption of the climb that started Jun 16 and sets the scene for a rally towards 19.2346, 61.8% of the Jun 1 - 16 bear leg. The 76.4% level is at 19.4967. Initial firm support has been defined at 18.6121, the Jul 4 low. A break of this level is required to instead signal a top and highlight scope for a deeper pullback.
  • The path of least resistance in USDTRY is unchanged and remains up. The latest recovery highlights a continued acceleration of the uptrend. The 26.00 objective has been pierced and the focus is on 27.00 next. The 20-day EMA at 24.9006 marks the first key support.

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