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CEEMEA FX Price Signal Summary: USDRUB Cracks Support

EMERGING MARKETS
  • EURHUF continues to trade below recent highs. The trend outlook is bullish and short-term pullbacks are considered corrective. Recent gains above 361.24, Sep 30 high signals scope for a climb towards 362.46, Jul 26 high. Clearance of this level would reinforce bullish conditions and open 364.40, Apr 23 high. Initial firm support is unchanged at 355.15, Oct 4 low.
  • EURPLN is softer but price is holding above 4.5392, Oct 7 low. The sharp reversal higher on Oct 7 signals the end of recent bearish pressure and 4.5392 has been defined as a key short-term pivot support. Attention remains on 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness below 4.5392 would alter the picture.
  • USDZAR maintains this week's softer tone. The pair has traded below the 50-day EMA and this does expose support at 14.5701, Sep 23 low. The trend outlook is bullish and the current pullback is considered corrective. A break below 14.5701 though would alter the picture.
  • USDTRY continues to head north and the pair is trading higher once again today. The pair has cleared the 9.20 handle and scope is also seen for a move towards 9.2565, 2.00 projection of the Sep 10 - 20 - 22 price swing. Key support is 8.8008, the former range top and Jun 2 high. Initial firm support is seen at 8.9577, the Sep 29 high and a recent breakout level.
  • The USDRUB outlook remains bearish and the pair continues to weaken. Support at 71.5542, Jun 11 low has been breached and this confirms a resumption of the broader downleg that has been in place since early November 2020. Attention is on 71.0838, 76.4% retracement of the Jun - Nov 2020 rally. A break of this level would open 70.5395, Jul 21, 2020 low. Initial firm resistance is at 72.1306, Oct 13 high.
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