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CEEMEA FX Price Signal Summary: EURHUF Remains Vulnerable

EMERGING MARKETS
  • Trend conditions in EURHUF remain bearish and the cross is trading closer to recent lows. Price has cleared 349.23, 76.4% of the Jun - Jul rally and probed 347.82, Jun 23 low. A clear breach of the latter would open 345.14, Jun 10 low. On the upside, the 20-day EMA at 352.29 offers initial resistance.
  • EURPLN is unchanged. Recent price action has defined key short-term directional parameters. These are; 4.6017, the Jul 20 high and a key resistance plus 4.5309, the Jul 15 low and key short-term support. A break of either level would provide a clearer directional signal.
  • USDZAR maintains a bullish tone however the pair is currently in a corrective cycle and trading lower. Price has traded below 15.00 and is approaching 14.8516, the 20-day EMA. A breach of this potential support would open 14.6178, the 50-day EMA. Key resistance and the bull trigger is at 15.3948, the Aug 20 high.
  • USDTRY remains inside a broader range. A break of 8.8008, Jun 2 high is required to confirm a resumption of the uptrend. Near-term, a bearish risk suggests scope for weakness towards 8.2969, the Aug 3 low.
  • USDRUB support to watch is unchanged at 72.6851 the Aug 2 low. A break of this level would expose the 72.00 handle. From a short-term perspective, the pair has recently cleared resistance at 74.1411, Aug 11 high. An extension would open the bull trigger at 75.3497, Jul 8 high.
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