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

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish. The cross has recovered from Wednesday’s low of 393.89, just below the 20-day EMA. Attention is on resistance at 402.91, the Jun 13 high. A break would confirm a resumption of the uptrend and open 403.66, 0.764 projection of the Jan 13 - Mar 7 - 30 price swing. Moving average studies remain in a bull mode, highlighting current trend conditions. On the downside, a break of 387.15, the Jun 6 low, is required to signal a potential top. Initial support is at 393.89, Wednesday’s low.
  • EURPLN recovered this week from its low of 4.6262 on Tuesday. 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 is unchanged and 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 15.6673, the 50-day EMA. Key support has been defined at 15.1685.
  • USDTRY is still trading closer to its recent highs and maintains a bullish tone. The focus is on a climb towards the 18.00 handle next ahead of last year's major high at 18.3633, on Dec 20. Firm support lies at 16.9290, the 20-day EMA.
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