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EMERGING MARKETS: CEEMEA FX Price Signal Summary - USDTRY Uptrend Extends

EMERGING MARKETS
  • USDZAR is unchanged and 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 18.1909, the 50-day EMA. The 20-day EMA is at 18.0307.
  • The path of least resistance in USDTRY is unchanged and remains up. Fresh cycle highs highlight a resumption of the trend, and the pair has touched the 34.00 handle. This opens 35.00. Initial support lies at 33.6088, the 20-day EMA.

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