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CEEMEA FX Price Signal Summary - USDZAR Outlook Remains Bullish

  • The USDZAR outlook remains bullish and recent gains reinforce this theme. Following a rally in early April, potential is seen for a climb to 18.6132, the Mar 21 high ahead of key resistance and the bull trigger at 18.7192, the Mar 8 high. On the downside, the 50-day EMA, at 18.1301 marks support. It has been pierced but a clear break is required to signal scope for a deeper retracement and expose 17.6993, the Mar 31 low.
  • The path of least resistance in USDTRY is unchanged and remains up. The 19.40 objective has been achieved and the focus shifts to the 19.60 handle next. The 20-day EMA at 19.3489, marks the first support.

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