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CEEMEA FX Price Signal Summary: USDTRY Holds On To This Week’s Gains

EMERGING MARKETS
  • EURHUF has recovered from Wednesday’s low of 374.42. The short-term outlook remains bullish. The cross earlier this week challenged resistance at 382.12, the Apr 7 high. A clear break of this hurdle would strengthen a bullish theme and signal scope for a climb towards 386.95, 61.8% of the bear cycle between Mar 7 - 30. Key support has been defined at 366.41, the Mar 30 low. Initial support lies at 373.50, the 50-day EMA.
  • EURPLN is off its recent lows but remains inside its current range. The outlook is positive though. The cross confirmed a bullish breakout - on Apr 26 - of its recent tight range. The move higher is a positive development and eases a recent bearish threat. An extension of gains would expose the key short-term resistance at 4.7867, the Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support has been defined at 4.5588, the Apr 6 low. A break would reinstate a bearish threat.
  • USDZAR maintains a bullish tone and yesterday’s strong rally reinforces this theme. A key support has been defined at 15.4112, Wednesday’s low, ahead of the 50-day EMA at 15.2230. A continuation higher would signal scope for a climb towards 16.3668, the Nov 26, 2021 high.
  • USDTRY maintains a firmer tone - the pair is holding on to this week’s gains and has cleared 14.8689, the Mar 24 high. Price action remains above the Mar 29 low of 14.5392 although a more important short-term support lies at 14.3979, Mar 15 low. Scope is seen for a climb towards 14.9932, Mar 11 high and 15.2645 further out, 61.8% of the Dec 20 - 23 sell-off.
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