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CEEMEA FX Price Signal Summary: USDTRY Approaches 18.00

EMERGING MARKETS
  • EURHUF is trading higher once again today as the cross extends gains from Monday’s low of 394.85. This level represents a key short-term support and lies just below the 50-day EMA, at 396.80. A clear break of 394.85 is needed to strengthen the case for bears. A continuation higher would open the 410.00 handle and the key resistance at 416.89, the Jul 6 high.
  • EURPLN bearish conditions also appear to be reversing. The strong recovery from Monday’s low of 4.6904, means the 50-day EMA, at 4.7157 today, provided support. The move higher signals the end of the bear leg between Jul 12 - 25. A continuation higher would open key resistance at 4.8515, the Jul 12 high. On the downside, a break of 4.6904 support would instead reinstate a bearish theme.
  • USDZAR remains below its most recent highs and continues to correct lower. The broader uptrend remains intact. This follows the breach, early July, of major resistance at 16.3668, the Nov 26 2021 high. Moving average studies are in a bull mode condition too. A resumption of gains would open the 17.50 handle next. The next firm support is at 16.3237, the May 16 high.
  • USDTRY trend conditions remain bullish and the pair continues to appreciate. The recent break of 17.4446, the Jun 22 high, confirmed a resumption of the primary uptrend. Sights are on the 18.00 handle next, ahead of 18.3633, the Dec 20 2021 high. Key support is unchanged at 16.0956, the Jun 27 low. The 20-day EMA, at 17.4564, is an initial firm support.
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