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CEEMEA FX Price Signal Summary - Watching Support In USDZAR

EMERGING MARKETS
  • The recovery in USDZAR since Feb 2, is a positive development and the latest pullback appears to be a correction. Key support has been defined at 18.5578, the Feb 2 low. Initial support to watch is at 18.8004, the Feb 13 low. A clear break of this level would be a bearish development, that would expose 18.5578. For bulls, sights are on 19.2180, the Jan 22 high. Clearance of this level would confirm a resumption of the uptrend and open 19.6399, the Oct 6 ‘23 high.
  • The path of least resistance in USDTRY is unchanged and remains up as the USD continues to appreciate against TRY. Initial support lies at 30.4564, the 20-day EMA. Sights are on the 31.00 handle.

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