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CEEMEA FX Price Signal Summary: USDRUB Heads North Once Again

EMERGING MARKETS
  • EURHUF had traded sharply higher once again today. This reinforces the current bull theme and confirms a resumption of the uptrend. The focus is on the psychological 400.00 handle next and 401.24, a 2.00 projection of the Sep - Nov ‘21 - Jan ‘22 price swing. A clear breach of the 400.00 handle would open 407.18, the 2.236 projection. Support is seen at 380.01, Friday’s low.
  • EURPLN has traded to a fresh trend high again today and importantly, has breached major resistance at 4.9307, Feb 2009 high. This represents an important break and leaves the psychological 5.00 level exposed. The focus is on 5.0217 and 5.0938, the 1.764 and 2.00 projection of the Jun - Nov ‘21 - Feb ‘22 price swing. Initial support is at 4.7937, Friday’s low.
  • USDZAR is consolidating and remains above recent lows. The pair has recently challenged the Feb 10 low of 14.9815 plus a trendline support drawn from the Jun 7, 2021 low that today intersects at 15.2540. Price has yet to extend lower though to reinforce the bearish significance of a breach of these levels. A break of 14.9133, Feb 17 low, would likely trigger a stronger sell-off and resume bearish pressure. Key resistance to watch is unchanged at 15.7559, the Jan 31 high.
  • USDTRY is firmer and sights are on 14.6462, the Feb 24 high. The outlook is bullish. Clearance of the Feb 24 high would open 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 13.8045, the 20-day EMA.
  • USDRUB is volatile and has climbed from a low of 100.2422 today to a high just above 120.00. The outlook for RUB remains bearish and USDRUB appears set to extend gains towards 130.00. Today’s low of 100.2422 is the first support.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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