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CEEMEA FX Price Signal Summary: USDTRY Tests Support at The 50-Day EMA

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish. The cross recovered last week from Wednesday’s low of 393.89, just below the 20-day EMA. Attention is on resistance at 402.91, the Jun 13 high. This level has been breached today and a clear break would confirm a resumption of the uptrend plus open the 410.00 handle. Moving average studies remain in a bull mode, highlighting current trend conditions. On the downside, a break of 393.89, the Jun 22 low, is required to signal a potential top.
  • EURPLN recovered last week from its low of 4.6262 on Jun 21. Price remains below key resistance at 4.7279, Apr 26 high and 4.7446, the Jun 16 high. A clear break of this resistance zone is required to strengthen bullish conditions and would open 4.7867, the Mar 25 high. Weakness below 4.6262 would mark a short-term bearish development and attention would turn to the 4.6000 level and the key short-term support at 4.5588, Apr 6 low.
  • USDZAR continues to consolidate. The pair recently found support at 15.1685 on Jun 9, and the move higher from the low highlights a reversal. Attention is on 16.3237, the May 16 high and a bull trigger. Initial firm support is seen at 15.6723, the 50-day EMA. Key support has been defined at 15.1685.
  • USDTRY reversed direction Friday and earlier today traded lower. The move down highlights the first real threat to the uptrend that started Dec 23 2021. Also, today’s move lower means the 50-day EMA, at 16.1802, has been tested for the first time since the Dec low. The EMA has provided support. It represents an important pivot area - a clear break would signal scope for a deeper pullback. Key resistance is at 17.4446, the Jun 22 high.
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