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CEEMEA FX Price Signal Summary: USDRUB Remains Volatile Within a Range

EM FX
  • EURHUF remains above 352.39, Feb 10 low. The outlook is bearish and attention is on 350.88, the Jan 13 low. This is a key support where a break would confirm a resumption of the downtrend and open 348.55, the Sep 16, 2021 low. Resistance is at the 50-day EMA that intersects at 359.16. A clear breach of the 50-day EMA would signal a possible reversal.
  • EURPLN has tested - but not meaningfully broken - defined support at 4.4828, the Feb 10 low. A bearish theme remains in place and the cross has remained below resistance at 4.6013, Jan 31 low. Attention is on the bear trigger at 4.4828 where a break would confirm a resumption of the downtrend and open 4.4503, the Jun 6 2021 low and 4.4360, the Jun 7 low from last year.
  • USDZAR continues to trade closer to its recent lows. Attention is on two key support levels; the Feb 10 low of 14.9815 and 15.0022, trendline support drawn from the Jun 7, 2021 low. A clear break here would strengthen a bearish case and open 14.8637, the Nov 9 low. While this support zone holds and prevents a deeper sell-off, a broader uptrend remains intact and the downleg since late November last year is still considered corrective. A key short-term resistance to watch, has been defined at 15.7559, the Jan 31 high.
  • USDTRY is firmer but remains in its current tight range around the 20-day EMA. The broader outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. The 50-day EMA at 13.0820 represents initial support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB is trading in a volatile manner. Recent activity has defined a key support at 74.2611, Feb 10 low. The set-up between the 20- and 50-day EMAs suggests the broader uptrend remains intact. A resumption of gains would signal scope for 80.4155, Jan 26 high. A break below 74.2611 however would instead expose 73.0926, the Dec 27 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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