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CEEMEA FX Price Signal Summary: USDRUB Consolidates Ahead Of The 50-Day EMA

EMERGING MARKETS
  • The EURHUF outlook remains bullish following the recent recovery from 360.99, the Dec 2 low. A continuation higher would open 371.99, Nov 23 high where a break would confirm a resumption of the uptrend. Key support to watch is 360.99, low Dec 2 and marks the bear trigger.
  • The short-term outlook in EURPLN appears bearish however, the cross is attempting a recovery. A break of resistance at 4.6589, Dec 1 high would improve short-term conditions and signal scope for a stronger bounce. Key support and the bear trigger is at 4.5798, the Dec 8 low.
  • The USDZAR bull trend condition remains intact and the recent move lower is considered corrective. A deeper sell-off however would signal scope for an extension towards 15.4725, the 50-day EMA. On the upside, the bull trigger is 16.3668, the Nov 26 high. A break would confirm a resumption of the uptrend and open 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021.
  • USDTRY is back above 14.00. The spike higher yesterday confirmed a resumption of the uptrend, despite not being able to hold onto the session highs. The clearance of 14.00 opens the 15.00 handle. Support to watch lies at the 20-day EMA that intersects at 12.7214.
  • USDRUB is consolidating near recent lows. The current bear cycle is still in play and attention is on the 50-day EMA at 73.0551. This EMA represents an important support and a clear break would suggest scope for a deeper pullback. On the upside, a break of 74.5329, the Dec 7 high, would signal a reversal and expose the bull trigger at 75.9190, Nov 26 high.
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