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CEEMEA FX Price Signal Summary - USDZAR Remains Above Support

EMERGING MARKETS
  • The trend outlook in USDZAR remains bullish and the recent pullback is considered corrective. A key short-term support has been defined at 18.3805, the Aug 24 low. A break of this level would signal scope for a deeper retracement and open 18.1369, the 61.8% retracement of the Jul 27 - Aug 14 bull cycle. The 76.4% retracement point is at 17.8626. On the upside, an extension higher would open 19.2978, the Aug 15 high and bull trigger.
  • The path of least resistance in USDTRY is unchanged and remains up. The recent sell-off is considered corrective. 25.2874, the Aug 24 low, has been defined as the key short-term support where a break is required to signal scope for a deeper pullback. On the upside, clearance of the early Aug high at 27.3069 would confirm a resumption of the primary uptrend.

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