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CEEMEA FX Price Signal Summary: USDTRY Extends Losses Through 100-DMA

MARKET INSIGHT
  • EURHUF has inched further off recent highs, initiating a further reversal off the late July highs. This opens support at the 353.26 50-dma. To the upside, next resistance lies at the 363.53 76.4% retracement and 364.40, Apr 23 high.
  • EURPLN remains below resistance, the outlook though is bullish. The breach mid-July of former resistance at 4.5642, Jun 18 high confirmed a resumption of the uptrend that started Jun 7 and opens 4.6000 (tested last week) and 4.6224, 76.4% of the Mar 29 - Jun 7 downleg. Firm support is seen at 4.5309, Jul 15 low.
  • USDZAR remains under short-term selling pressure. The move lower is considered corrective and a bullish outlook remains intact. The pair recently breached 14.5180, Jul 2 high to confirm a resumption of bullish conditions and open 15.00 and 15.0627, 76.4% of the Mar 8 - Jun 7 sell-off. 15.1000 also represents a key resistance, the Mar 26 high. Firm support is at 14.3361, Jul 16 low.
  • USDTRY has extended losses below the 50-day EMA, taking out the 100-DMA in the process. Key support is unchanged at 8.2860, Jun 11 low. Bullish trend conditions remain in place, but have weakened on the recent downtick, but the longer-term focus remains on 8.8008, Jun 2 high. A break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing.
  • USDRUB continues to pull away from recent highs. The move lower is still considered a correction however with support at 73.1595, Jul 6 low breached, scope exists for a deeper pullback towards the 72.00 handle. The bull trigger is at 75.3497, Jul 8 high. Initial resistance is at 74.2742, Jul 26 high.
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