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CEEMEA FX Price Signal Summary - USDZAR Corrective Pullback Extends

EMERGING MARKETS
  • The USDZAR primary trend outlook remains bullish, however, for now, the pair has entered a bearish corrective cycle and price continues to trade lower. Price is approaching key support at the 50-day EMA, at 18.8670. Clearance of this level would strengthen a bearish condition and open 18.6188, the May 10 low. On the upside, a reversal higher would refocus attention on the bull trigger at 19.9204, the Jun 1 high.
  • The path of least resistance in USDTRY is unchanged and remains up as the pair continues to appreciate this week. 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 20.6040 marks the first key support.

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