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CEEMEA FX Price Signal Summary: EURHUF Rally Exposes Key Resistance

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish and yesterday’s gains reinforce current bullish conditions. Moving average studies remain in a bull mode and attention is on 399.64, the Mar 7 high and the next key resistance. Firm support is seen at 380.76, the May 24 low. A break of this level would be seen as a bearish development.
  • EURPLN continued to trend lower this week and is currently trading at its recent lows. The pair has traded below the 4.60 handle. A continuation lower would pave the way for a move towards support at 4.5588, the Apr 6 low. This is a key short-term support and a break would allow for a deeper retracement. On the upside, key resistance has been defined at 4.7279, the Apr 26 high.
  • The current USDZAR bear cycle remains in play and the pair traded lower again yesterday. Price is through the 20-day EMA and attention turns to the 50-day EMA, at 15.5321 ahead of the key support at 15.4112, May 4 low. The current retracement is still considered corrective. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger.
  • USDTRY maintains a bullish tone and has traded higher once again today. This week’s break of the 16.00 handle reinforces bullish conditions and price is challenging 16.4488, 76.4% of the Dec 20 - 23 sell-off. A break of 16.4488 would open the 17.00 level. Initial firm support lies at 15.5352, the 20-day EMA.
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