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CEEMEA FX Price Signal Summary - USDZAR Pullback Considered Corrective

EMERGING MARKETS
  • The USDZAR trend outlook remains bullish and the pair has this week touched a fresh all-time high of 19.9204. This confirms a continuation of the primary uptrend and maintains the price sequence of higher highs and higher lows. The focus is on the psychological 20.00 handle next. The latest pullback is considered corrective. Initial support is at 19.1352, the May 24 low. Note that the trend is overbought. A deeper retracement would allow the overbought condition to unwind.
  • The path of least resistance in USDTRY is unchanged and remains up as the pair continues to climb. The 20.00 objective has been cleared and the focus is on 21.00 next. The 20-day EMA at 19.9871 marks the first support.

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