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CEEMEA FX Price Signal Summary: USDZAR Remains Soft
- EURHUF is in consolidation mode but still trading closer to its recent lows. Initial support lies at last week’s 369.39 low (Mar 17). Attention is also on support at 368.51, the 50-day EMA. Trend signals still highlight an uptrend, however a clear break of this average would signal scope for a deeper pullback. This would open 362.10, the Jan 24 high. Resistance is seen at 383.17, Mar 14 high. A break would be seen as a short-term bullish development.
- EURPLN recovered yesterday. A short-term bearish threat however is still present following the recent sharp sell-off from 5.0019, Mar 7 high. Attention is on the the 50-day EMA at 4.6664 and just above 4.6570, the Mar 16 low. These levels highlight a key support area and a break would signal scope for a deeper pullback towards 4.600. Initial firm resistance is seen at 4.8572, the Mar 10 high.
- USDZAR remains softer following this week’s bearish price action. The move lower has resulted in a break of support at 14.9133, Feb 17 low. This confirms a resumption of the downtrend that started Nov 26 last year. Note too that moving average studies remain in a bear mode - reinforcing the current trend direction. The focus is on 14.3542 next, the Oct 20 2021 low. Key resistance is unchanged at 15.5630, the Mar 2 high. Initial resistance is at 15.1827, high Mar 15.
- USDTRY is consolidating and trading in a tight range. The outlook remains bullish. The pair recently breached the 14.6462 high from Feb 24. This has opened 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 14.5208, the 20-day EMA.
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