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CEEMEA FX Price Signal Summary: USDRUB Remains Above Former Key Resistance

EMERGING MARKETS
  • EURHUF continues to weaken and pull away from recent highs and key resistance at 371.99, Nov 23 high. The cross has cleared the 50-day EMA this week and the break lower reinforces current bearish conditions. Today’s bearish pressure has resulted in a move through 360.99, the Dec 2 low. The break of this support opens 358.56, the Nov 5 low. The bull trigger is unchanged at 371.91. Initial resistance is at 365.41, the 50-day EMA.
  • EURPLN has this week breached a key short-term support at 4.5798, the Dec 8 low. This signals potential for a deeper extension with the focus on 4.5603, the Oct 15 low and 4.5392, the Oct 7 low. Moving average studies appear to be shifting to a bear condition, reinforcing the current direction. Initial resistance is seen at 4.6130, the 50-day EMA.
  • USDZAR remains in an uptrend despite still trading below Monday’s high. The recent recovery from 15.5007, Dec 27 low and just below the 50-day EMA is encouraging price action for bulls. Further gains would pave the way for a climb towards 16.2651, Dec 15 high and 16.3668, Nov 26 high. 15.5007 marks the key support.
  • USDTRY is holding onto recent gains and remains above the Dec 23 low of 10.2512 that also represents a key short-term support handle. Further gains would open 14.3729, the Dec 11 high. A breach of this level (a minor resistance) would open 15.2645, 61.8% of the Dec 20- 23 sell-off. The broader trend direction remains up.
  • USDRUB bulls remain in control and yesterday’s gains resulted in a break of 75.9190, the Nov 26 high and a bull trigger. The break strengthens the bullish case and has opened 78.0406, the Apr 7 high. The recent recovery from 73.0926, Dec 27 low and just below the 50-day EMA marked a bullish development and 73.0926 represents the key support. Initial support is at 74.2958, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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