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CEEMEA FX Price Signal Summary: USDTRY Holds On To Gains

EMERGING MARKETS
  • EURHUF is consolidating. The short-term outlook is bullish and recent gains have reinforced this theme. Moving average studies are in a bull mode and attention is on 399.64, Mar 7 high and the next key resistance. Firm support is seen at 380.76, May 24 low. A break of this level would alter the picture.
  • EURPLN is consolidating. The cross remains in bear mode condition and is still trading closer to its recent low. Price is through the 4.60 handle - a clear breach of this level and a continuation lower would signal scope for a deeper pullback. Scope is seen for weakness towards the 4.50 handle and support at 4.4826, the Feb 16 low. Key resistance has been defined at 4.6464, Apr 26 high. Initial resistance is at 4.6416, the 50-day EMA.
  • USDZAR remains in a short-term downtrend. The pair has breached both the 20- and 50-day EMAs and attention is on key support at 15.4112, May 4 low. The USD has tested this level today and a clear break would signal scope for weakness towards 15.1364, 61.8% of the Mar 31 - May 16 bull leg. The current retracement is still considered corrective though. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger. Initial resistance is at 15.8655, May 26 high.
  • USDTRY has again traded marginally higher today. The pair maintains a bullish tone, following recent gains and the break of the 16.00 level. Attention is on 16.4488 (76.4% of the Dec 20 - 23 sell-off) that has been breached, again. A clear break of this level would open 17.00. Initial firm support lies at 15.9171, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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