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CEEMEA FX Price Signal Summary: USDZAR Is Volatile, But Remains Bullish

EMERGING MARKETS
  • EURHUF remains near recent lows and is currently finding support around the 50-day EMA. The average intersects at 371.39 today. Recent price action has defined 382.12 and 366.41, the Mar 30 low, as key short-term directional triggers. From a trend perspective, the direction is up and a breach of 382.12, would reinforce this set-up. Weakness through 366.41 though would instead be a bearish development.
  • EURPLN is unchanged and remains range bound as the cross consolidates. Price did spike lower on Apr 6 to 4.5588, before rebounding. Short-term conditions remain bearish, following the recent sell-off from 5.0019, Mar 7 high. The 50-day EMA, and a support at 4.6570, Mar 16 low, have been breached, paving the way for an extension below the 4.60 handle. Initial firm resistance is at 4.7867, the Mar 25 high.
  • USDZAR has traded sharply higher this week. These gains have resulted in a break of 14.8132, the Apr 7 high and a move above the 50-day EMA. Furthermore, Thursday’s climb has resulted in a break of the top of a bear channel drawn from the Dec 15 2021 high. The channel intersected at 15.1034 yesterday. The breach reinforces the current bullish tone and paves the way for a climb towards 15.7559, the Jan 31 high. Initial support is seen at 14.2371, the top of the former bear channel.
  • USDTRY is firmer and price action remains above the Mar 29 low of 14.5392. A more important short-term support lies at 14.3979, the Mar 15 low. The outlook is bullish and scope is seen for a climb towards 14.9932, the Mar 11 high and 15.2645 further out, 61.8% of the Dec 20 - 23 sell-off.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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