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CEEMEA FX Price Signal Summary: USDTRY Trend Needle Still Points North

EMERGING MARKETS
  • EURHUF traded lower Monday and remains soft. The cross has probed the 20-day EMA and a clear break would signal potential for a deeper retracement and expose the 50-day EMA at 366.96. Initial firm resistance is seen at 390.15, the Mar 9 high.
  • EURPLN remains softer following last week’s reversal lower from 5.0019, the Mar 7 high and yesterday’s move lower. The current retracement is considered corrective and is allowing an overbought condition to unwind following an impulsive bull run that started mid February. The next support to watch is 4.7257, the 20-day EMA. This has been probed, a clear break would open 4.6516, the 50-day EMA. Initial resistance is seen at 4.8572, the Mar 10 high.
  • USDZAR is unchanged and in consolidation mode once again. Price has recently challenged the Feb 10 low of 14.9815 and is again trading below a trendline support drawn from the Jun 7, 2021 low that today intersects at 15.3106. Price still needs to break lower to reinforce the bearish significance of a breach of these levels. A break of 14.9133, Feb 17 low, would likely trigger a stronger sell-off and resume bearish pressure. Key resistance is unchanged at 15.7559, the Jan 31 high.
  • The USDTRY outlook remains bullish. The pair last week breached the 14.6462 high from Feb 24. This has opened 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 14.2015, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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