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CEEMEA FX Price Signal Summary: USDTRY Bulls Still In The Driving Seat

EMERGING MARKETS
  • USDTRY bulls are still firmly in charge and continues to head north. The pair has cleared the 9.20 handle and scope is seen for a move towards 9.3330, 2.236 projection of the Sep 10 - 20 - 22 price swing. Key support is 8.8008, the former range top and Jun 2 high. Initial firm support is seen at 8.9577, the Sep 29 high and a recent breakout level.
  • EURHUF is firmer this morning but remains below recent highs. The trend outlook nevertheless is bullish. Recent gains above 361.24, Sep 30 high signals scope for a climb towards 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. First support is at 357.65, the 20-day EMA.
  • EURPLN is softer but price remains above 4.5392, Oct 7 low. The sharp bull reversal on Oct 7 signals the end of recent Sep-30 to Oct 7 correction and 4.5392 has been defined as a key short-term pivot support. Attention remains on 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness below 4.5392 would alter the picture.
  • USDZAR is firmer today today but still trading closer to recent lows. The pair has breached the 50-day EMA and this does expose support at 14.5701, Sep 23 low. The trend outlook is bullish and the current pullback is considered corrective. A break above 15.0897, Oct 12 high would ease bearish pressure. On the downside, weakness below 14.5701 though would alter the picture and signal scope for a deeper sell-off.
  • The USDRUB remains bearish. Support at 71.5542, Jun 11 low has been breached and this confirms a resumption of the broader downleg that has been in place since early November 2020. 71.0838, 76.4% retracement of the Jun - Nov 2020 rally has been breached and this opens 70.5395, Jul 21, 2020 low. Initial firm resistance is at 72.1306, Oct 13 high.
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