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CEEMEA FX Price Signal Summary: USDZAR Approaches Trendline Support

EMERGING MARKETS
  • EURHUF is unchanged and continues to consolidate. The cross traded to a low of 350.88 on Jan 13 and this level remains a key short-term support. Despite recent gains, bearish conditions dominate. The focus is on the 350.00 handle and the key support at 346.81, Sep 6, 2021 low. Initial resistance is seen at 358.48, the Nov 4 low. The 50-day EMA, as resistance, intersects at 362.34.
  • The low print in EURPLN this week reinforces the current bearish theme and highlights the potential for further weakness. The recent break of support at 4.5798, Dec 8 low reinforced bearish conditions. The focus is on 4.5010 next, Sep 1 low. Initial resistance is seen at 4.5565, the 20-day EMA.
  • USDZAR resumed its move lower yesterday and remains softer with support at 15.2633, Jan 13 low breached. The move lower maintains a bearish price sequence of lower lows and lower highs and has opened 14.8637, the Nov 9 low. Note that there is a trendline support at 14.9612. This is drawn from the Jun 7, 2021 low and also represents a key support. Firm short-term resistance is seen at 15.5732, the Jan 18 high.
  • USDTRY is unchanged and continues to consolidate in a very tight range at the 20-day EMA. The outlook remains bullish and price remains above the Dec 23 low of 10.2512 that also represents the key short-term support. Further gains would open 14.3729, the Dec 11 high. A breach of this level would open 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB is consolidating. Recent price swings have highlighted support at 74.3819, the Jan 12 low and resistance at 77.1812, the Jan 6 high. Both levels represent important short-term directional triggers. From a broader trend perspective, moving average signals suggest the uptrend remains intact. A break of 77.1812 would confirm a resumption of this trend.
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