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CEEMEA FX Price Signal Summary: USDTRY Bullish Conditions Remain Intact

EMERGING MARKETS
  • Short-term trend conditions in EURHUF remain bullish and pullbacks are considered corrective. The recent break of resistance at 404.76, Jun 27 high, confirmed an extension of the bullish price sequence of higher highs and higher lows and signals scope for a climb towards 420.00 and 426.68, the 1.236 projection of the Jan 13 - Mar 7 - 30 price swing. On the downside, key trend support has been defined at 393.25, the Jun 29 low. The 20-day EMA, at 402.61, marks an initial support.
  • EURPLN is still trading closer to recent highs. A bullish theme dominates following recent gains. 4.7446, the Jun 16 high, has been cleared and this signals scope for an extension towards 4.8976, the 76.4% retracement of the Mar 7 - May 30 bear leg. Key support has been defined at 4.6262, the Jun 21 low. The 20-day EMA, at 4.7421, marks the initial support.
  • USDZAR maintains a bullish tone and the pair traded higher once again yesterday. Major resistance at 16.3668, the Nov 26 2021 high, has recently been cleared. The break confirmed a resumption of a broader uptrend that started in June 2021. This sets the scene for an extension higher towards the 17.50 handle next. Initial firm support is at 16.5154, the 20-day EMA.
  • USDTRY trend conditions remain bullish and the pair traded higher Thursday, above the key resistance and bull trigger at 17.4446, the Jun 22 high. A clear breach of this hurdle would confirm a resumption of the primary uptrend and open the 18.00 handle. Key support is unchanged at 16.0956, the Jun 27 low. The 20-day EMA, at 17.0950, marks initial support.
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