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CEEMEA FX Price Signal Summary: USDZAR Pullback Considered Corrective

EMERGING MARKETS
  • EURHUF remains below the early July highs. The trend outlook is bullish, however, the break of the 20-day EMA, and the recent challenge on the 50-day EMA, suggests scope for an extension lower. A clear break of the 50-day EMA - it intersects at 396.32 - would open 393.25, the Jun 29 low, and 390.00. Initial resistance is seen at 403.02, the Jul 21 high.
  • EURPLN remains in a short-term bear cycle as the cross extends the reversal from 4.8515, the Jul 12 high. Price has pierced the 50-day EMA, at 4.7108. A clear break of this average would strengthen a bearish case and signal scope for weakness towards 4.6713, 61.8% of the May 30 - Jul 12 bull leg. Initial resistance to watch is 4.8013, the Jul 18 high.
  • USDZAR remains below its most recent highs. Short-term pullbacks are still considered corrective and the current uptrend remains intact. This follows the breach, early July, of major resistance at 16.3668, the Nov 26 2021 high. Moving average studies are in a bull mode condition too. A resumption of gains would open the 17.50 handle next. The next firm support is at 16.3237, the May 16 high.
  • USDTRY trend conditions remain bullish and the pair continues to appreciate. Recent gains resulted in a break of 17.4446, the Jun 22 high. This confirmed a resumption of the primary uptrend and sights are on the 18.00 handle. Key support is unchanged at 16.0956, the Jun 27 low. The 20-day EMA, at 17.3645, is an initial firm support.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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