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CEEMEA FX Price Signal Summary - USDZAR Downtrend Remains Intact Despite The Recent Bounce

EMERGING MARKETS
  • USDZAR has recovered from its recent lows, however, the trend outlook remains bearish. The recent extension lower highlights a stronger reversal. On Jul 13, the USD breached key support at 18.1250, the Jun 16 low, strengthening a short-term bearish theme. 17.4562, the 76.4% retracement of the Jan - Jun bull leg, has been pierced. A clear break would signal scope for a move towards 16.9317, the Feb 2 low. Key resistance is seen at 18.3460, 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 27.00 next. The 20-day EMA at 26.3859 represents the first key support.

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