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EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDTR Approaches 34.00

EMERGING MARKETS
  • USDZAR maintains a softer tone. The latest move down has resulted in the break of key support at 17.8689, the Jun 21 low and a bear trigger. The break confirms a resumption of the downtrend that started in April and paves the way for an extension towards 17.5713, the Jul 28 ‘23 low and 17.4193, the Jul 27 ‘23 low and the next key support. Firm resistance is seen at 18.2547, the 50-day EMA. The 20-day EMA is at 181351.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend, and the pair is approaching the 34.00 handle. Initial support lies at 33.4385, the 20-day EMA. A break of 34.00 would open 35.00.

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