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CEEMEA FX Price Signal Summary - USDZAR Trend Needle Points North

EMERGING MARKETS

The USDZAR trend outlook remains bullish and the pair is trading closer to its latest highs. Recent gains confirmed a resumption of the uptrend that started in June 2021 and price has entered uncharted territory. Sights are on the psychological 20.00 handle next. Initial support is at 18.9945, the May 16 low. The trend is overbought. Short-term pullbacks would be considered corrective and would allow the overbought condition to unwind.

The path of least resistance in USDTRY is unchanged and remains up as the pair continues to climb. The 19.80 objective has been achieved and the focus shifts to the 20.00 psychological handle which has been tested. The 20-day EMA at 19.5971, marks the first support.

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