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CEEMEA FX Price Signal Summary - Watching Support In USD/ZAR

EMERGING MARKETS
  • The USDZAR trend outlook remains bullish and last week, the pair touched a fresh all-time high of 19.9204. This confirms a continuation of the primary uptrend and maintains the price sequence of higher highs and higher lows. The focus is on the psychological 20.00 handle next. The latest pullback is considered corrective. Initial support is at 19.1352, the May 24 low. A break would allow for a deeper pullback and open 18.8435, the 50-day EMA. Note that the trend is overbought. A deeper retracement 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 latest recovery highlights an acceleration of the uptrend. The 21.00 objective has been cleared and the focus is on 22.00 next. The 20-day EMA at 20.1896 marks the first support.

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