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CEEMEA FX Price Signal Summary - USDZAR Support Remains Exposed

EMERGING MARKETS
  • USDZAR is trading closer to its recent lows. Key support at 16.8980, the Nov 30 low, was pierced last week. A clear break of this level is required to reinstate the recent bearish theme. This would open 16.7102, the Aug 25 low. A firm resistance is seen at 17.9384, the 61.8% retracement of the downleg between Oct 13 - Nov 30. This level was pierced on Dec 1, a clear break of it would reinstate a bull theme and expose 18.5815, the Oct 13 high. Initial resistance is at 17.3469, the 50-day EMA.
  • The primary trend direction in USDTRY is unchanged and remains up. The 18.7000 handle has been breached and the focus is on the 18.7500 handle next. The 20-day EMA, at 18.6717, marks the first support.

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