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CEEMEA FX Price Signal Summary: USDTRY Bull Rally Extends

EMERGING MARKETS
  • EURHUF remains below its recent high. The trend outlook is bullish and short-term pullbacks are considered corrective. The cross has recently traded above 361.24, Sep 30 high and sights are set on the key resistance at 362.46, Jul 26 high. Clearance of this level would reinforce bullish conditions and open 364.40, Apr 23 high. Initial firm support is unchanged at 355.15, Oct 4 low.
  • EURPLN is softer but price remains above 4.5392, Oct 7 low. The sharp reversal higher last week signals the end of recent bearish pressure. 4.5392 has been defined as a key short-term pivot support. Attention is on 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness through 4.5392 would alter the picture.
  • USDZAR weakness has extended and the pair is through last week's low and has also probed the 50-day EMA. The trend outlook is bullish and the current pullback is considered corrective. Next support is seen at 14.5701, Sep 23 low.
  • USDTRY continues to head north and the pair is trading higher once again today. Price is approaching the 9.20 handle and scope is also seen for a move towards 9.2565, 2.00 projection of the Sep 10 - 20 - 22 price swing. Firm support is 8.8008, the former range top and Jun 2 high. Initial support is seen at 8.9577, the Sep 29 high and a recent breakout level.
  • The USDRUB outlook remains bearish following last week's sell-off and Monday's fresh low. Attention is on 71.5542, the Jun 11 low. A break would expose 71.0838, 76.4% retracement of the Jun - Nov rally. Key resistance is unchanged at 73.6208, Sep 20 high. Initial resistance is at 72.4319, the 20-day EMA.
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