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CEEMEA FX Price Signal Summary - USDZAR Remains Below Key Resistance

EMERGING MARKETS
  • The USDZAR uptrend remains intact, however, the pullback from Tuesday’s high signals the start of a short-term correction and if correct, this would allow an overbought condition to unwind. Initial support to watch lies at 18.0092, the 20-day EMA. A break would suggest scope for a deeper pullback. On the upside, key resistance and the bull trigger is at 18.5815, the Oct 13 2022 high. Clearance of this hurdle would resume the uptrend that started in June 2021 and open the 19.00 handle.
  • The primary trend direction in USDTRY is unchanged and remains up. The focus is on the 18.9000 handle which has been pierced. Further out, potential is seen for a climb towards 19.00. The 20-day EMA at 18.8492, marks the first support.

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