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CEEMEA FX Price Signal Summary: USDTRY Still Stuck In A Range

EMERGING MARKETS
  • EURHUF continues to trade near its recent lows. The outlook remains bearish and the 50-day EMA - at 360.08 - represents a key short-term resistance. Attention is on 350.88, the Jan 13 low. This is a key support where a break would confirm a resumption of the downtrend and open 348.55, the Sep 16, 2021 low. A clear breach of the 50-day EMA is required to signal a possible reversal.
  • EURPLN remains soft. The recent rejection at 4.6013, Jan 31 high, provided an early signal of a resumption of the downtrend. Attention is on the 4.5088 bear trigger, Jan 20 low. A break of this level would open 4.5010, the Sep 1 low. Key resistance is unchanged at 4.6013.
  • USDZAR is softer this morning but remains above the Jan 21 low of 15.0669. Furthermore, trendline support at 15.0840 today remains intact - the trendline is drawn from the Jun 7, 2021 low. This line represents a key support and a break would strengthen a bearish case and open 14.8637, the Nov 9 low. While it holds, a broader uptrend remains intact and the downleg since late November last year is considered corrective. A short-term resistance has been defined at 15.7559, the Jan 31 high. A break would be positive.
  • USDTRY remains in a tight range around the 20-day EMA. The outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. The 50-day EMA at 13.0039 represents initial support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB continues to weaken. The pair has breached support the 50-day EMA to reinforce the current bear cycle and this signals scope for an extension towards 74.3819, the Jan 12 low. The bull trigger is at 80.4155, the Jan 26 high. Initial resistance is seen at 76.8226, the Feb 3 high.
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