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CEEMEA FX Price Signal Summary: USDTRY Off To The Races Once Again

EMERGING MARKETS
  • The EURHUF outlook remains bullish following the recent recovery from 360.99, the Dec 2 low. The cross has traded higher this week. Further gains would open 371.99, Nov 23 high where a break would confirm a resumption of the uptrend. Key support to watch is 360.99, low Dec 2 and marks the bear trigger. Initial support lies at 363.97, Dec 9 low.
  • The short-term outlook in EURPLN appears bearish however, the cross is attempting a recovery. A break of resistance at 4.6589, Dec 1 high would improve short-term conditions and signal scope for a stronger bounce. Key support and the bear trigger is unchanged at 4.5798, the Dec 8 low.
  • The USDZAR bull trend condition remains intact. The bull trigger is unchanged at 16.3668, the Nov 26 high. A break would confirm a resumption of the uptrend and open 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021. Key short-term support has been defined at 15.6701, the Dec 8 low.
  • USDTRY is off to the races once again and has today cleared the 15.00 handle. This week’s price action has confirmed a resumption of the uptrend. The clearance of 15.00 opens the 16.00 handle. Support to watch lies at the 20-day EMA that intersects at 13.0641.
  • USDRUB remains vulnerable. The current bear cycle is still in play and attention is on the 50-day EMA at 73.1082. This EMA represents an important support and a clear break would suggest scope for a deeper pullback. On the upside, clearance of 74.5329, the Dec 7 high, would signal a reversal and expose the bull trigger at 75.9190, Nov 26 high.
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