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CEEMEA FX Price Signal Summary - USDZAR Uptrend Remains Intact

EMERGING MARKETS
  • USDZAR is trading lower today but remains in an uptrend. Recent gains that started from the Jul 27 low of 17.4193, resulted in a break of both the 20- and 50-day EMAs, highlighting potential for a stronger corrective cycle. Note too that a trendline resistance drawn from the Jun 1 high, has also been cleared. The break opens 19.1533 next, the Jul 7 high. First support lies at 18.3681, the 20-day EMA.
  • The path of least resistance in USDTRY is unchanged and remains up. The recent recovery highlights a continued acceleration of the uptrend. The 26.00 objective has been cleared and the focus is on 28.00 next. The 20-day EMA at 26.6880 represents the first key support.

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