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CEEMEA FX Price Signal Summary: USDTRY Consolidating at Recent Highs

EMERGING MARKETS
  • EURHUF remains below the recent high of 371.99 on Nov 23. Last week’s price action resulted in a probe of the 50-day EMA, currently at 362.34. Support for now, has been found at 360.99, the Dec 2 low. From a short-term point of view, recent weakness does highlight potential for a deeper corrective pullback and this has opened the 360.00 handle. For bulls, a stronger recovery would refocus attention on the bull trigger at 371.99.
  • EURPLN is trading near recent lows and the short-term outlook still appears bearish. This follows last week’s strong selling pressure that resulted in a break of the 20- and 50-day EMAs. The move lower has exposed 4.5699, the Nov 3 low. Initial firm resistance is at 4.6589, the Dec 1 high. A break would ease the bearish threat.
  • USDZAR bullish trend conditions remain in place and the recent pullback is considered corrective. The focus is on 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021. A clear breach of this level would open 16.7193, the Oct 15 2020 high ahead of 17.0823 further out, the 61.8% retracement. Initial support is seen at 15.7389, the 20-day EMA.
  • USDTRY is consolidating near recent highs. The path of least resistance remains up with the 14.00 handle exposed. The 20-day EMA at 11.8702 is an initial support.
  • USDRUB remains below recent highs. Although recent dips are considered corrective, the pair remains near its lows suggesting potential for an extension of the current bear phase. A resumption of weakness would open 72.8635, the 50-day EMA. A strong recovery would instead refocus attention on 75.9190, the Nov 26 high.
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