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CEEMEA FX Price Signal Summary: USDRUB is Holding Above Recent Lows

EMERGING MARKETS
  • The EURHUF outlook remains bullish following the recent recovery from 360.99, the Dec 2 low. The recent pullback is considered corrective. A resumption of strength would open 371.99, Nov 23 high where a break would confirm a resumption of the uptrend and open 374.50, 1.00 projection of the Nov 4 - 23 - Dec 2 price swing. Key support is 360.99, low Dec 2 and marks the bear trigger. Initial support lies at 363.97, Dec 9 low.
  • EURPLN is unchanged. The short-term outlook appears bearish however, the cross has recovered recently and is holding onto recent gains. 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 unchanged at 4.5798, the Dec 8 low.
  • USDZAR remains in an uptrend but is consolidating inside a broad range. The bull trigger is unchanged at 16.3668, the Nov 26 high. A break would confirm a resumption of the trend and open 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021. Key short-term support is at 15.6701, the Dec 8 low.
  • USDTRY continues to defy gravity. The pair is fast approaching 18.00 and further out, 20.00 beckons. As a reference point, support to watch is seen at the 20-day EMA that intersects at 13.6069.
  • USDRUB remains vulnerable but is consolidating for now and remains above recent lows. Attention is on the 50-day EMA at 73.1746. This EMA represents an important support and a clear break would suggest scope for a deeper pullback. On the upside, clearance of 74.5329, Dec 7 high, would signal a reversal and expose the bull trigger at 75.9190, Nov 26 high.
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