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September 22, 2021 10:18 GMT
CEEMEA FX Price Signal Summary: EURPLN Continues To Defy Gravity
EMERGING MARKETS
- EURHUF is firmer today and has reversed yesterday's move lower. A bullish theme remains intact. The cross has cleared the 50-day EMA and resistance at 352.11, Aug 27 high. The focus is on 356.48 next, 61.8% of the Jul 26 - Sep 6 sell-off. Firm support has been defined at 348.55, Sep 16 low. Initial support is seen at 351.81, the 50-day EMA.
- EURPLN continues to defy gravity as the cross extends the current rally. The 4.6000 handle has been cleared as has resistance at 4.6017, Jul 20 high. Note too that 4.6224, 76.4% of the Mar 29 - Jun 7 downleg, has also been breached. This strengthens a bullish theme and paves the way for a climb towards 4.6800, Mar 29 high. The 50-day EMA at 4.5567 marks initial firm support.
- USDZAR has this week tested resistance at the former bull channel base drawn from the Jun 7 low - the line intersects at 14.9005 today. Note too that 61.8% of the Aug 20 - Sep 10 downleg intersects at 14.8864 and this also represents a key short-term resistance. A breach of this 14.8864/9005 zone would strengthen bullish conditions and open 15.0807 next, the 76.4% retracement. Initial support is seen at 14.5523, the 20-day EMA.
- USDTRY maintains a firmer tone above 8.6000 and is holding onto the bulk of its recent gains. Price last week cleared the 50-day EMA and the follow through signals scope for a climb towards key resistance at 8.8008, Feb 2 high. This also marks the top of the current broad range. For bears, a break of 8.2642 - the range base and Sep 2 low - is required to confirm a resumption of bearish pressure. Initial support is at 8.4854, the 20-day EMA.
- USDRUB remains above last week's low. A near-term key support has been defined at 72.2462, Sep 15 low. A break would resume bearish pressure and open 72.0405, Jun 25 low ahead of key support at 71.5542, Jun 11 low. Key near-term resistance is at 73.6208, Sep 20 high. A clear breach would open 74.5861, Aug 20 high.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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