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CEEMEA FX Price Signal Summary: USDTRY Maintains A Firmer Tone

EMERGING MARKETS
  • EURHUF remains above its recent lows and is holding on to the bulk of its recent gains. The cross has found support around the 50-day EMA, which intersects at 371.92 today. Price action this month has defined 382.12 and 366.41, the Mar 30 low, as key short-term directional triggers. From a trend perspective, the direction is up and a breach of 382.12, would reinforce this set-up. Weakness through 366.41 though would instead be seen as a bearish development.
  • EURPLN confirmed a bullish breakout - on Tuesday - of its recent tight range. The move higher eases the recent bearish threat. An extension higher 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 remains firm. A bullish theme follows last week’s strong gains that resulted in the breach of the top of a bear channel, drawn from the Dec 15 2021 high. The channel intersected at 15.1034 on Apr 21 - the day it was breached. The focus is on the 16.00 handle (tested) and 16.2651, the Dec 15 2021 high. Initial support lies at 15.3735, the Apr 22 low.
  • USDTRY maintains a firmer tone and 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. Scope is seen for a climb towards 14.9932, the Mar 11 high and 15.2645 further out, 61.8% of the Dec 20 - 23 sell-off.
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