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CEEMEA FX Price Signal Summary: USDRUB Volatile Price Action

EMERGING MARKETS
  • EURHUF has rallied sharply higher today and traded above all relevant retracement points of the downleg between Dec 24 - Jan 13. This signals potential for a climb towards 371.75, the Dec 24 high. Today’s intraday low of 360.37, marks initial support.
  • EURPLN has cleared a number of important resistance levels as the sharp reversal from 4.4826, Feb 16 low extends. Attention is on 4.6805, 76.4% retracement of the Nov 23 - Feb 16 bear cycle. A breach of this retracement would open 4.7416, the Nov 23 high. Today’s intraday low of 4.5831 is initial support.
  • USDZAR is trading above recent lows. The pair has recently challenged a number of key support levels - the Feb 10 low of 14.9815 plus a trendline support drawn from the Jun 7, 2021 low that today intersects at 15.1878. Price has yet to extend lower and reinforce the bearish significance of a break of these levels. A deeper pullback would strengthen a bearish case and open 14.8637, the Nov 9 low. A key short-term resistance to watch has been defined at 15.7559, the Jan 31 high.
  • USDTRY is firmer today and has broken out of the range that has dominated since early January. This highlights potential for a climb towards 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 13.2293, the 50-day EMA.
  • Volatile price action dominates today’s session in USDRUB. A gap higher and intraday bullish follow through resulted in a high of 88.2670 before selling pressure reversed today’s earlier rally. Trend signals continue to point north and the focus is on 90.00. Watch support at 81.3805, yesterday’s high and the gap low on the daily chart.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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