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CEEMEA FX Price Signal Summary: USDTRY Is Through The 16.00 Handle

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish and the recent pullback is considered corrective. A bullish price sequence of higher highs and higher lows has been established and moving average studies continue to point north. The cross on May 16, probed 391.80, 76.4% of the Mar 7 - 30 downleg. A clear break would open 399.64, the Mar 7 high and the next key resistance. Firm support is seen at 378.10, the May 10 low.
  • EURPLN is trading at its recent lows. The cross however continues to trade inside its current range. The broader trend outlook remains bullish. A resumption of gains would expose the key short-term resistance at 4.7867, Mar 25 high. Clearance of this level would strengthen the case for bulls. Note that there is also an important resistance and hurdle for bulls ahead of 4.7867, at 4.7279, the Apr 26 high. On the downside, key support to watch is 4.5588, the Apr 6 low. A break would be bearish.
  • The current USDZAR bear cycle remains in play and the pair traded lower Monday. Price is through the 20-day EMA and attention turns to the 50-day EMA, at 15.5183 ahead of the key support at 15.4112, May 4 low. The current retracement is considered corrective. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger.
  • USDTRY is on the move again and has resumed its uptrend. Today’s climb has resulted in a break of the 16.00 handle and this paves the way for a climb towards 16.4488, 76.4% of the Dec 20 - 23 sell-off. Initial firm support lies 15.3816, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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