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CEEMEA FX Price Signal Summary: USDRUB Remains Vulnerable

EMERGING MARKETS
  • EURHUF gains stalled Monday just above the 50-day EMA, currently at 351.66. Moving average studies suggest a downtrend remains intact. A firm support has recently been defined at 346.81, Sep 6 low. A break of this level would confirm a resumption of the bear cycle that started Jul 26. For bulls, a clear breach of the 50-day EMA is required to signal a stronger reversal.
  • EURPLN continues to climb. With short-term bullish conditions continuing to dominate, attention turns to the key resistance at 4.6017, Jul 20 high where a break is required to signal a stronger bullish theme. Initial support has been defined at 4.5346, Sep 13 low with key support at 4.5010, the Sep 1 low.
  • USDZAR short-term trend conditions remain bearish and this week's recovery is considered corrective. A bearish theme follows the recent breach of the base of a bull channel drawn from the Jun 7 low. A resumption of weakness would open 14.0212 next, Jun 25 low and 13.8801, 76.4% of the Jun - Aug rally. Initial resistance is at 14.5723, 38.2% of the Aug 20 - Sep 10 sell-off. try
  • USDTRY is unchanged and consolidating in a tight range. The pair has defined a short-term support at 8.2642, Sep 2 low. Price is testing the 50-day EMA and a resumption of strength would open 8.5604, Aug 20 high and 8.6815, Aug 11 high. A break of 8.2642 is required to confirm a resumption of bearish pressure.
  • USDRUB traded lower yesterday and has resumed the downleg that started Jul 8. This opens 72.0405, Jun 25 low ahead of key support at 71.5542, Jun 11 low. Key near-term resistance has been defined at 73.5309, Sep 8 high.
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