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

EMERGING MARKETS
  • EURHUF is consolidating. The cross traded to a low of 350.88 last week and this level represents the key short-term support. Despite recent gains, bearish conditions remain in place. The focus is on the 350.00 handle and the key support at 346.81, the Sep 6, 2021 low. Initial resistance is seen at 358.48, the Nov 4 low and a recent breakout level.
  • EURPLN traded marginally lower yesterday down to 4.5171. The low print reinforces the current bearish theme and highlights the potential for further weakness. The trend direction remains down and the recent break of support at 4.5798, Dec 8 low reinforced current conditions. The focus is on 4.5010 next, Sep 1 low. Initial resistance is seen at 4.5672, the 20-day EMA.
  • USDZAR is trading above its recent lows. Last week’s activity resulted in a break of the 15.50 handle. This suggests scope for a deeper short-term pullback. A resumption of weakness would open 15.1542, the Nov 15 low and 14.8637, the Nov 9 low. Firm short-term resistance is seen at 15.6403, the 20-day EMA.
  • USDTRY is unchanged and continues to consolidate around its 20-day EMA. The outlook is bullish and price remains above the Dec 23 low of 10.2512 that also represents the key short-term support. Further gains would open 14.3729, the Dec 11 high. A breach of this level would open 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • Recent volatile price action in USDRUB has highlighted support at 74.3819, the Jan 12 low and resistance at 77.1812, the Jan 6 high. Both levels represent important short-term directional triggers. From a broader trend perspective, moving average signals suggest an uptrend remains intact. A break of 77.1812 would confirm a resumption of this trend.
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