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CEEMEA FX Price Signal Summary: Bullish Engulfing Candle In USDZAR

EMERGING MARKETS
  • EURHUF found support this week at 387.15, Jun 6 low, and continues to climb. Attention is on key resistance at 399.64, the Mar 7 high. This is an important bull trigger, where a break would confirm a resumption of the broader uptrend and open 400.00 and 403.66, 0.764 projection of the Jan 13 - Mar 7 - 30 price swing. On the downside, a break of 387.15 is required to signal a potential top.
  • EURPLN is slightly firmer but remains in consolidation mode. The trend condition is bearish and the recent sideways move appears to be a flag formation - a bearish continuation pattern. Price has recently traded through the 4.60 handle - a clear breach of this level and a continuation lower would signal scope for 4.50, and support at 4.4826, the Feb 16 low. Key resistance has been defined at 4.7279, Apr 26 high. Initial firm resistance is at 4.6321, the 50-day EMA.
  • USDZAR found support yesterday at 15.1685. The recovery highlights a potentially important short-term reversal - a bullish engulfing candle. If correct, this is an early signal that the corrective pullback since May 16 is over. 15.1685, yesterday’s low has been defined as a key short-term support and an extension higher would open 15.8655 initially, the May 26 high. Price needs to trade below 15.1685 to reinstate a bearish theme.
  • USDTRY remains in an uptrend and this week’s climb has reinforced bullish conditions. The 17.00 handle has been cleared and this opens 18.00 next ahead of last year's major high at 18.3633, on Dec 20. Firm support lies at 16.2841, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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