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

EMERGING MARKETS
  • EURHUF is in consolidation mode and continues to trade above the 370.00 handle and last week’s 369.39 low, on Mar 17. The cross has recently traded below the 20-day EMA and the break signals potential for a deeper retracement towards the 50-day EMA next, at 367.92. This EMA represents a key support - trend signals still highlight an uptrend. Initial firm resistance is seen at 383.17, the Mar 14 high. A break would be seen as a short-term bullish development. Clearance of the 50-day EMA however would expose 362.10 instead, the Jan 24 high.
  • EURPLN remains above last Wednesday’s low of 4.6570. A short-term bearish threat is still present following the recent sharp sell-off from 5.0019, the Mar 7 high. With the 20-day EMA breached, attention is on the the 50-day EMA at 4.6592. This is a key support area and a break would signal scope for a deeper pullback and open 4.600. Initial firm resistance is seen at 4.8572, the Mar 10 high.
  • USDZAR is trading at its recent lows. The pair last week probed support at 14.9133, the Feb 17 low. A clear break of this support would confirm a resumption of the downtrend that started Nov 26. This would extend the bearish price sequence of lower lows and lower highs and note too that moving average studies remain in a bear mode - reinforcing the current trend condition. A move lower would open 14.6539 and 14.5639, the Oct 26/22 2021 lows. Key resistance is unchanged at 15.5630, the Mar 2 high. Initial resistance is at 15.1827, high Mar 15.
  • USDTRY is consolidating but the outlook is unchanged and remains bullish. The pair recently 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 14.4133, the 20-day EMA.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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