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CEEMEA FX Price Signal Summary: USDTRY Extends This Week’s Retracement

EMERGING MARKETS
  • EURHUF is unchanged and remains in consolidation mode. The short-term condition appears bullish. This follows the recovery from 366.41, Mar 30 low. The climb represents an early reversal signal and reinforces a positive set-up in moving average studies that continue to highlight an uptrend. An extension higher would open 383.17, the Mar 14 high and 390.15, the Mar 3 high. Key support has been defined at 366.41.
  • EURPLN is unchanged and continues to consolidate. The cross did spike lower on Apr 6 to 4.5588, before rebounding. Short-term conditions remain bearish though. This follows the recent sharp sell-off from 5.0019, Mar 7 high. The 50-day EMA, and support at 4.6570, Mar 16 low, have been breached, paving the way for an extension below the 4.60 handle. Initial firm resistance is seen at 4.7867, the Mar 25 high.
  • USDZAR bearish trend conditions continue to dominate and recent gains appear corrective. This week’s move lower exposes support at 14.4025, the Mar 31 low and a bear trigger. A break would confirm a resumption of the downtrend and open 14.3542 next, the Oct 20 2021 low. Firm short-term resistance is at 14.8132, the Apr 7 high.
  • USDTRY is softer this week. Price action remains above the Mar 29 low of 14.5392. A more important short-term support lies at 14.3979, the Mar 15 low. The outlook is bullish and scope is seen for a climb towards 14.9932, the Mar 11 high and 15.2645, 61.8% of the Dec 20 - 23 sell-off.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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