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CEEMEA FX Price Signal Summary - USDZAR Clears Support And Resumes Its Downtrend

EMERGING MARKETS
  • USDZAR continues to trade on a weaker note. The latest move lower has resulted in the break of key support at 17.8689, the Jun 21 low and a bear trigger. The break confirms a resumption of the downtrend that started in April and paves the way for an extension towards 17.4193, the Jul 27 low and the next key support. Firm resistance is seen at 18.2957, the 50-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend, and the pair has breached the 33.00 handle. Initial support lies at 33.3535 the 20-day EMA. Scope is seen for a climb towards the 34.00 handle.

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