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CEEMEA FX Price Signal Summary: USDTRY Price Action Remains Volatile

EMERGING MARKETS
  • EURHUF failed to hold onto yesterday's high of 371.99. Despite the pullback, a bullish theme remains intact. Price has traded through resistance at 369.54, Apr 1, 2020 high. A clear break would represent an important technical breach and open 372.90 next, 1.236 projection of the Nov 4 - 12 - 18 price swing. Key short-term support has been defined at 362.04. Nov 18 low.
  • EURPLN started the week on a firm note and traded higher yesterday. Despite failing to hold onto yesterday's high, the outlook remains bullish. Last week's break of 4.6480, Sep 30 high, strengthens this case. The cross has also traded above 4.6800, Mar 29 high and cleared the 4.70 handle . This has opened 4.7424, the 1.382 projection of the Sep 1 - Sep 30 - Oct 7 price swing. Support is at 4.6441, the 20-day EMA.
  • USDZAR remains bullish following last week's breach of resistance at 14.4926, Nov 3 high. The break strengthens the case for bulls and note that 15.6625, Jan 11 high and a major resistance has also been cleared. The focus is on 16.00 and support is seen at 15.1542, the Nov 15 low.
  • USDTRY stalled at yesterday's high of 13.4539. Price action is likely to remain volatile and perhaps even result in a very short-term retracement of part of the recent move higher. The risk remains skewed to the upside however. In terms of support, yesterday's low of 11.3603 is the first reference point. The bull trigger is yesterday's high.
  • USDRUB remains in an uptrend. Recent gains have exposed resistance at 75.3497, the Jul 8 high where a break would open the 76.00 handle. Support has been defined at 72.3270, Nov 17 low.
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