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CEEMEA FX Price Signal Summary: USDTRY Spikes Higher

EMERGING MARKETS
  • The EURHUF outlook remains bullish following the recent recovery from 360.99, the Dec 2 low. The move higher suggests scope for a climb towards key resistance at 371.99, Nov 23 high where a break would confirm a resumption of the uptrend. Key support and the bear trigger is at 360.99, low Dec 2.
  • The S/T outlook in EURPLN appears bearish despite the recent recovery. A bearish theme follows recent strong selling pressure that resulted in a break of the 20- and 50-day EMAs. The move lower has exposed 4.5699, the Nov 3 low. Initial firm resistance to watch is 4.6589, Dec 1 high. A break would ease the bearish threat.
  • USDZAR bullish trend conditions remain in place. The recent move lower is considered corrective. A deeper sell-off however would signal scope for an extension towards 15.4500, the 50-day EMA. On the upside, the bull trigger is 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.
  • USDTRY spiked higher earlier today. This confirms a resumption of the uptrend and the clearance of 14.00 opens the 15.00 handle. Support to watch lies at the 20-day EMA that intersects at 12.6054.
  • USDRUB remains below recent highs. The current bear cycle is still in play as price moves lower. Attention is on the 50-day EMA at 73.0357. This EMA represents an important support and a clear break would suggest scope for a deeper pullback. On the upside, a break 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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