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CEEMEA FX Price Signal Summary: USDRUB Finds Resistance At Its 50-Day EMA

EMERGING MARKETS
  • EURHUF remains above recent lows and importantly above support defined by the 50-day EMA at 358.32. The ability to remain above this key pivot support is highlighting the potential for base building and a stronger recovery would signal a resumption of the uptrend. The focus is on the key resistance at 366.94, Oct 25 high. A break of the 50-day EMA would instead expose 355.15, Oct 4 low.
  • EURPLN bulls remain in charge and the short-term focus is on the potential for a climb towards 4.6480, Sep 30 high. A breach of this resistance would strengthen a bullish case and expose 4.6800, Mar 29 high. Weakness below 4.5392, Oct 7 low would alter the picture. Initial firm support is at 4.5699, Nov 3 low.
  • USDZAR maintains a bullish tone despite the recent move lower. The pair has recently cleared resistance at 15.2524, Sep 30 high and 15.3948, Aug 20 high a key resistance. The break strengthens a bullish condition and opens 15.5726 next, the Mar 8 high. The 50-day EMA at 14.8669 marks initial support. It has been tested and a clear break would signal scope for a deeper pullback and open 14.6539, Oct 26 low.
  • The USDTRY outlook is unchanged and remains bullish. The focus is on 9.8797, 3.00 projection of the Sep 22 - 29 - Oct 1 price swing ahead of the 10.00 psychological handle. The bull trigger is 9.8500, Oct 25 high. Key support is unchanged at 9.2050, Oct 20 low. Initial support is at 9.4157, Oct 26 low.
  • USDRUB late last week arrived at the 50-day EMA, currently at 71.9164. This EMA has thus far provided firm resistance, a clear break though would strengthen short-term bullish conditions and signal scope for an extension higher. This would open the 73.00 handle. Key support remains 69.2213, Oct 26 low. Initial support lies at 70.3854, Oct 29 low.
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