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CEEMEA FX Price Signal Summary: Bull Flag Formation In USDTRY

EMERGING MARKETS
  • EURHUF remains in a short-term uptrend despite yesterday’s pullback. The recent climb from 360.99, the Dec 2 low suggests scope for a move towards key resistance at 371.99, Nov 23 high where a break would confirm a resumption of the uptrend. Key support and the bear trigger has been defined at 360.99.
  • The short-term outlook in EURPLN still appears bearish. This follows last week’s strong selling pressure that resulted in a break of the 20- and 50-day EMAs. The move lower has exposed 4.5699, the Nov 3 low. Initial firm resistance is 4.6589, the Dec 1 high. A break would ease the bearish threat.
  • USDZAR bullish trend conditions remain in place. The recent move lower is considered corrective. A deeper pullback however would signal scope for an extension towards 15.4077, the 50-day EMA. On the upside, the bull trigger is at 16.3668, the Nov 26 high. A breach would confirm a resumption of the uptrend and open 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021.
  • USDTRY is unchanged and still consolidating near recent highs. This consolidation has taken on the appearance of a bull flag and the pattern reinforces underlying bullish conditions with the path of least resistance remaining up. The 14.00 handle remains exposed. The 20-day EMA at 12.3328 is an initial support.
  • USDRUB remains below recent highs. Recent dips are considered corrective and the recovery from 73.3150, Dec 3 low, provides an early signal of a resumption of the uptrend. Further gains would expose 75.9190, the Nov 26 high and the bull trigger. A move below 73.3150 however would instead open the 50-day EMA at 72.9930.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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