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CEEMEA FX Price Signal Summary: USDTRY Dips Considered Corrective

EMERGING MARKETS
  • EURHUF has traded higher again today. This week's price action has confirmed a break of 362.46, the Jul 26 high and a key resistance. The break reinforces bullish conditions and opens 364.40, Apr 23 high. Initial firm support has been defined at 358.56, Oct 15 low.
  • EURPLN continues to trade above 4.5392, Oct 7 low. This is a key short-term support. The sharp bull reversal on Oct 7 signals the end of the recent Sep-30 to Oct 7 correction. If correct, it suggests scope for a resumption of gains towards 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 has breached support at 14.5701, Sep 23 low. The pair has also recently cleared the 50-day EMA and this, together with the break of 14.5701, signals scope for a deeper pullback. The focus is on 14.3444, 76.4% of the Sep 10 - 30 rally. 14.7652, the 20-day EMA marks initial resistance.
  • USDTRY bulls are still firmly in control and short-term pullbacks are considered corrective. The 9.20 handle has been cleared and scope is seen for a move towards 9.3803, 2.382 projection of the Sep 10 - 20 - 22 price swing. The 2.50 projection is at 9.4185. 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. The 20-day EMA, as a support, intersects at 9.0065..
  • USDRUB remains bearish and traded lower again yesterday. 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 also been cleared. The focus is on 70.5395, Jul 21, 2020 low. Initial firm resistance is at 72.1306, Oct 13 high.
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