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CEEMEA FX Price Signal Summary: USDZAR Continues To Climb

EMERGING MARKETS
  • EURHUF remains above its recent lows and is trading higher this week, having found support recently around the 50-day EMA, which intersects at 371.68. 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 firmer and yesterday broke out of its recent range. The move higher eases the recent bearish threat. An extension higher would expose the key short-term resistance at 4.7867, the Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support has been defined at 4.5588, the Apr 6 low. A break would reinstate a bearish threat.
  • USDZAR remains firm. A bullish theme follows last week’s strong gains that 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. The focus is on the 16.00 handle and 16.2651, the Dec 15 2021 high. Initial support lies at 15.3735, last 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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