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CEEMEA FX Price Signal Summary: USDTRY Trades Above Resistance

EMERGING MARKETS
  • EURHUF is unchanged and remains above its recent lows plus, the pair is holding on to the bulk of its recent gains. The cross has found support around the 50-day EMA, which intersects at 372.40 today. Price action during April defined 382.12, Apr 7 high, and 366.41, the Mar 30 low, as key short-term directional triggers. From a trend perspective, the direction is up and a breach of 382.12, would reinforce this set-up. Weakness through 366.41 though would instead be seen as a bearish development.
  • EURPLN confirmed a bullish breakout - on Apr 26 - of its recent tight range. The move higher eases a recent bearish threat. An extension higher would expose the key short-term resistance at 4.7867, the Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support has been defined at 4.5588, the Apr 6 low. A break would reinstate a bearish threat.
  • USDZAR remains firm despite Friday’s move lower. A bullish theme follows strong impulsive gains since Apr 19. This resulted in the breach - on Apr 21 - of the top of a bear channel drawn from the Dec 15 2021 high. The focus is on 16.2651 next, the Dec 15 2021 high. Initial support lies at 15.3735, the Apr 22 low.
  • USDTRY maintains a firmer tone - the pair has traded above 14.8689, Mar 24 high. Price action remains above the Mar 29 low of 14.5392 although a more important short-term support lies at 14.3979, Mar 15 low. Scope is seen for a climb towards 14.9932, Mar 11 high and 15.2645 further out, 61.8% of the Dec 20 - 23 sell-off.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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