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CEEMEA FX Price Signal Summary: EURPLN Remains Above Its 50-Day EMA

EMERGING MARKETS
  • EURHUF has managed to remain above the 370.00 handle - this week’s low so far has been 369.39, on Mar 17. The cross has breached the 20-day EMA and the break signals potential for a deeper retracement towards the 50-day EMA next, at 367.39. This EMA represents a key support, with trend signals still highlighting a bull phase. Initial firm resistance is seen at 383.17, the Mar 14 high. A break would be seen as a short-term bullish development.
  • EURPLN has recovered from Wednesday’s low of 4.6570. A short-term bearish threat remains present though following the recent sharp sell-off from 5.0019, the Mar 7 high. With the 20-day EMA breached, attention turns to the the 50-day EMA at 4.6552. This is a key support and a break would signal scope for a deeper pullback. Initial firm resistance is seen at 4.8572, the Mar 10 high.
  • USDZAR traded lower Wednesday and has this week probed support at 14.9133, the Feb 17 low. A clear break of this support would confirm a resumption of the downtrend that started Nov 26. This would extend the bearish price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode - reinforcing the current trend condition. This would open 14.8637, the Nov 9, 2021 low and 14.6539, the Oct 26, 2021 low. Key resistance is unchanged at 15.5630, the Mar 2 high. Initial resistance is at 15.1827, high Mar 15.
  • USDTRY is consolidating but the outlook remains bullish. The pair last week breached the 14.6462 high from Feb 24. This has opened 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 14.3238, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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