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CEEMEA FX Price Signal Summary: USDTRY Bulls Eye 16.00

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish and the cross is holding onto its recent highs. Support was recently found at 374.42, May 4 low. This resulted in a bounce and a climb above resistance at 382.12, the Apr 7 high and the contract has established a bullish sequence of higher highs and higher lows. Potential is seen for a climb towards 386.95, 61.8% of the bear cycle between Mar 7 - 30. The 76.4% level is at 391.80. Initial support lies at 375.29 the 50-day EMA.
  • EURPLN is unchanged and remains inside its current range. The outlook is bullish though. The cross traded higher on Apr 26 and moved out of its tight range - a positive development. An extension would expose the key short-term resistance at 4.7867, the Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support has been defined at 4.5588, the Apr 6 low. A break would reinstate a bearish threat.
  • USDZAR maintains a bullish tone and the recent strong recovery from 15.4112, May 4 low, reinforces this theme. The pair has traded higher again today and is inching closer to 16.3668, the Nov 26 2021 high and the next major resistance, and 16.3815, 50.0% of the 2020 - 2021 bear leg. 15.4112, the May 4 low, represents key support. Initial support lies at 15.7499, the 20-day EMA.
  • USDTRY maintains a bullish tone following recent gains. The pair has started the week on a firm note and is again trading higher. Scope is seen for a climb towards 16.00 and 16.4488, 76.4% of the Dec 20 - 23 sell-off. Initial firm support lies at 14.9886, the 20-day EMA.
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