Free Trial

CEEMEA FX Price Signal Summary: USDTRY Range Breakout

EMERGING MARKETS
  • USDTRY is defying gravity and has today traded above key resistance at 8.8008, Feb 2 high. This break highlights an important range breakout in USDTRY and also confirms a resumption of the long-term uptrend. The break opens 8.9325, 1.00 projection of the Sep 10 - 20 - 22 price swing. Firm support is 8.6085, Sep 22 low.
  • EURHUF maintains a firmer tone and continues to push higher. 356.48 next, 61.8% of the Jul 26 - Sep 6 sell-off, has been probed and the focus shifts to 358.77, the 76.4% retracement. Initial support is seen at 352.104, the 50-day EMA.
  • EURPLN has pulled back from Wednesday's high of 4.6341. Despite this, a short-term bullish theme remains intact. This week's move above 4.6000 and 4.6017, Jul 20 high signals scope for an extension of the current bull phase. Note too that 4.6224, 76.4% of the Mar 29 - Jun 7 downleg has also been breached. This opens 4.6800, Mar 29 high. The 50-day EMA at 4.5614 is seen as firm support.
  • USDZAR is off to the races again and has breached 14.8962, Sep 21 high. The break higher confirms a resumption of the rally that started Sep 10. Price is above 61.8% of the Aug 20 - Sep 10 downleg at 14.8864 and this reinforces a bullish theme. The focus is on 15.0807 next, the 76.4% retracement. Support is seen at 14.5618, the 50-day EMA.
  • USDRUB remains above 72.2462, Sep 15 low. A break of this support would resume bearish pressure and open 72.0405, Jun 25 low ahead of key support at 71.5542, Jun 11 low. Key near-term resistance is at 73.6208, Sep 20 high. A clear breach would open 74.5861, Aug 20 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.