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CEEMEA FX Price Signal Summary: USDZAR Attention Is On The 15.00 Handle

EMERGING MARKETS
  • USDZAR is still trading closer to recent highs, however a clear breach of the 15.00 handle is required to suggest scope for an extension of the uptrend. Key support has been defined at 14.2240, the Aug 4 low.
  • EURHUF remains in a clear downtrend following the reversal from 362.46 on Jul 26. The focus is on 349.23, 76.4% of the Jun - Jul rally. Note that the cross has breached the 61.8% level at 351.76. Resistance is at 355.57, the Aug 11 high.
  • Recent price action in EURPLN has defined key directional parameters at; 4.6017, the Jul 20 high and a key resistance plus 4.5309, the Jul 15 low and key short-term support.
  • USDTRY is lower again this morning. The pair however remains within a broader range. A break of 8.8008, the Jun 2 high is required to confirm a resumption of the broader uptrend. Near-term, a bearish risk suggests scope for weakness towards 8.2629, the Aug 3 low.
  • USDRUB support to watch is 72.6851 the Aug 2 low. A break of this level would expose the 72.00 handle. The bull trigger is unchanged at 75.3497, Jul 8 high. Initial resistance is at 74.1411, the Aug 11 high.
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