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CEEMEA FX Price Signal Summary: EURHUF Is Finding Support Around The 50-Day EMA

EMERGING MARKETS
  • EURHUF remains above its recent lows and is finding support around the 50-day EMA which intersects at 371.44. Price action this month 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 seen as a bearish development.
  • EURPLN is unchanged and continues to consolidate in a fairly tight range. Price did spike lower on Apr 6 to 4.5588, before rebounding. Short-term conditions remain bearish though, 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 unchanged at 4.7867, the Mar 25 high.
  • USDZAR traded sharply higher last week and maintains a firmer tone. The rally resulted in the breach of the top of a bear channel drawn from the Dec 15 2021 high. The channel intersected at 15.1034 last Thursday - the day it was breached. This reinforces the current bullish tone and paves the way for a climb towards 15.9032 next, 76.4% of the Nov 26 - Mar 31 downleg. Initial support lies at 15.3735, Friday's low.
  • 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. 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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