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CEEMEA FX Price Signal Summary: USDTRY Rally Extends, 10.00 Beckons

EMERGING MARKETS
  • EURHUF resulted in a confirmed break of 362.46, Jul 26 high and 364.40, Apr 23 high. This reinforces current bullish conditions and opens 369.21, Mar 18 high. Initial firm support has been defined at 358.56, Oct 15 low.
  • EURPLN has started the week on a firm note and the cross remains above 4.5392, Oct 7 low and a key short-term support. The sharp bull reversal on Oct 7 signalled the end of the recent Sep-30 to Oct 7 correction. If correct, it suggests scope for a move higher towards 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness below 4.5392 alters the picture.
  • USDZAR last week breached support at 14.5701, Sep 23 low but managed to find support at 14.3542, Oct 20 low and a key short-term support handle. A resumption of weakness would refocus attention on 14.3444, 76.4% of the Sep 10 - 30 rally where a break would expose 14.0639, the Sep 10 low. For bulls, a stronger bounce would open 15.2524, Sep 30 high.
  • USDTRY bulls are still very much in control. The pair has spiked higher once again today to confirm a resumption of the primary uptrend. With technical trend readings still in the bull camp, further upside is seen likely. The focus is on 9.8797, 3.00 projection of the Sep 22 - 29 - Oct 1 price swing ahead of 10.00. Key support is at 9.2050, the Oct 20 low.
  • USDRUB remains vulnerable following Friday's sharp sell-off and the pair is back below 70.00. The break lower last week maintains the current bearish price sequence of lower lows and lower highs and an extension is likely. A clear break of 70.00 would open 69.0589, Jun 26 2020 low. Initial firm resistance is at 71.3034, the Oct 21 high.
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