August 16, 2023 11:10 GMT
CEEMEA FX Price Signal Summary - USDZAR Bull Cycle Remains In Play
- USDZAR remains in an uptrend and the pair traded higher yesterday. Resistance at 19.1533, the Jul 7 high, has been breached. This reinforces current bullish conditions and attention is on 19.3301, 76.4% of the Jun 1 - Jul 27 downleg. A break of this level would open 19.50 and 19.9204, the Jun high. Initial firm support lies at 18.5110, the 50-day EMA.
- The path of least resistance in USDTRY is unchanged and remains up. The recent recovery highlights a continued acceleration of the uptrend. The 26.00 objective has been cleared and the focus is on 28.00 next. The 20-day EMA at 26.8048 represents the first key support.