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CEEMEA FX Price Signal Summary: USDTRY Approaching Last Week’s High

EMERGING MARKETS
  • EURHUF remains below 371.99, Nov 23 high. A bullish theme remains intact and near-term support has been defined at 364.78, Nov 25 low. Further gains would set the scene for a climb towards 372.90 next, 1.236 projection of the Nov 4 - 12 - 18 price swing. Below 364.78, a key short-term support lies at 362.04. Nov 18 low.
  • EURPLN remains below last week’s high of 4.7416 on Nov 23. The trend outlook remains bullish and the recent breach of 4.6480, Sep 30 high, strengthens this case. The cross has also traded above 4.6800, Mar 29 high and cleared the 4.70 handle . This has opened 4.7424, the 1.382 projection of the Sep 1 - Sep 30 - Oct 7 price swing. Initial support is at 4.6588, the 20-day EMA.
  • USDZAR trend needle still points north and last week’s strength resulted in a breach of the 16.00 handle. Attention is on 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021. A clear breach of this level would signal scope for a climb towards 16.7193, the Oct 15 2020 high ahead of 17.0823 further out, the 61.8% retracement. Support is seen at 15.6147, the 20-day EMA.
  • USDTRY is firmer but remains below last week’s high of 13.4539 on Nov 23. The risk remains skewed to the upside. In terms of support, the Nov 23 low of 11.3603 is the first key short-term reference point while the bull trigger is 13.4539. Both levels represent important short-term directional triggers.
  • USDRUB remains in an uptrend and the pair has recently breached resistance at 75.3497, Jul 8 high. This opens the 76.00 handle and 76.5806, the Apr 22 high. Initial support is seen at 74.0639, the Nov 23 low.
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