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CEEMEA FX Price Signal Summary - USDZAR Trades Through Support

EMERGING MARKETS
  • USDZAR has reversed course and a short-term bearish theme dominates for now. This week’s sell-off has resulted in a breach of a number of short-term supports and most recently, 18.1117, the Nov 15 low has been pierced. A continuation lower would signal scope for a move towards 7.9434, 76.4% of the Jul 27 - Oct 6 bull leg. Clearance of this level would expose 17.4193, the Jul 27 low. Initial resistance is at 18.7497, the 50-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up as the USD continues to appreciate against TRY. Initial support lies at 28.8609, the 20-day EMA. 29.00 has been cleared, the break opens the 30.00 handle.
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