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CEEMEA FX Price Signal Summary: USDZAR Bulls Return

EMERGING MARKETS
  • EURHUF is trading near recent highs and maintains a bullish tone. The cross has recently cleared resistance at 362.46, Jul 26 high and 364.40, Apr 23 high. This has reinforced current bullish conditions and sets the scene for a climb towards 369.21, Mar 18 high. Initial firm support has been defined at 358.56, Oct 15 low. The 20-day EMA at 360.84 is first support.
  • EURPLN remains above 4.5392, Oct 7 low and a key short-term support. The cross is firmer today and scope is seen for an extension of gains. The sharp bullish reversal on Oct 7 signalled the end of the recent Sep 30 - Oct 7 correction. It suggests scope for a move higher towards 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness below 4.5392 would alter the picture.
  • USDZAR is firmer today as the pair extends the recovery from 14.3542, the Oct 20 low. With a stronger short-term reversal confirmed, scope is seen for further gains with attention turning to 15.2524, the Sep 30 high and a key resistance. Key support lies at 14.3542.
  • USDTRY has given back some of its recent. The outlook remains bullish and any near-term pullback is considered corrective. Recent accelerated gains reinforced a bullish theme and confirmed a resumption of the primary uptrend. The focus is on 9.8797, 3.00 projection of the Sep 22 - 29 - Oct 1 price swing ahead of the 10.00 psychological handle. Key support is at 9.2050, the Oct 20 low.
  • USDRUB remains vulnerable following recent weakness and short-term gains are considered corrective. The extension lower maintains the current bearish price sequence of lower lows and lower highs and with trend signals still pointing south, further USD depreciation is likely. The focus is on 68.5545, Jun 23 low. Initial firm resistance is at 71.3034, the Oct 21 high.
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