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CEEMEA FX Price Signal Summary: USDRUB Finds Support

EMERGING MARKETS
  • Last week’s price action in EURHUF resulted in a probe of the 50-day EMA, currently at 362.47. Support for now, has also been established at 360.99, the Dec 2 low. From a short-term point of view, recent weakness does highlight potential for a deeper corrective pullback and this has opened the 360.00 handle. For bulls, a stronger recovery would refocus attention on the bull trigger at 371.99, the Nov 23 high.
  • EURPLN is consolidating near recent lows and the short-term outlook still appears bearish. This follows last week’s strong selling pressure that resulted in a break of the 20- and 50-day EMAs. The move lower has exposed 4.5699, the Nov 3 low. Initial firm resistance is at 4.6589, the Dec 1 high. A break would ease the bearish threat.
  • USDZAR bullish trend conditions remain in place and the recent pullback is considered corrective. The focus is on 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021. A clear breach of this level would open 16.7193, the Oct 15 2020 high ahead of 17.0823 further out, the 61.8% retracement. Initial support to watch is seen at 15.7560 the 20-day EMA.
  • USDTRY is unchanged and is consolidating near recent highs. The path of least resistance remains up with the 14.00 handle exposed. The 20-day EMA at 12.0545 is an initial support.
  • USDRUB remains below recent highs. Recent dips are considered corrective and the most recent recovery from Friday’s 73.3150 low provides an early signal of a resumption of the uptrend. Further gains would expose 75.9190, the Nov 26 high and the bull trigger. A return lower would instead open the 50-day EMA at 72.9229.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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