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CEEMEA FX Price Signal Summary: USDZAR Corrective Bear Cycle Extends

EMERGING MARKETS
  • The EURHUF outlook remains bullish and the cross is firmer again today. The focus is on 371.99, Nov 23 high where a break would confirm a resumption of the uptrend and open 374.50, 1.00 projection of the Nov 4 - 23 - Dec 2 price swing. Key support is 360.99, low Dec 2 and marks the bear trigger. Initial support is at 363.97, Dec 9 low.
  • EURPLN continues to consolidate. The cross has recently recovered from the Dec 8 low and is holding onto the bulk of recent gains. A break of resistance at 4.6462, Dec 14 high would improve short-term conditions and signal scope for a stronger bounce towards 4.6798, the 61..8% retracement of the Nov 23 - Dec 8 sell-off. Key support and the bear trigger is unchanged at 4.5798, the Dec 8 low.
  • USDZAR remains in an uptrend but for now, a corrective bearish cycle is in play. The pair has traded lower today and is testing the 50-day EMA at 15.5745. A clear break of this average would open the 15.50 handle and if this support area gives way, would expose 15.1542, the Nov 15 low. The bull trigger is unchanged at 16.3668, Nov 26 high.
  • USDTRY on Dec 20 reversed December's gains in a single session. The pair has continued to weaken and traded lower again yesterday. This week’s sell-off has resulted in a break of both the 20- and 50-day EMAs and sights are now set on the 10.00 handle. Price action is likely to remain volatile, resistance is seen at 14.3729, the Dec 21 high.
  • USDRUB remains vulnerable. The pair has probed the 50-day EMA at 73.2670. This EMA represents an important support and a clear break would suggest scope for a deeper pullback towards 72.5701, 50.0% of the Oct - Nov rally. On the upside, clearance of 74.5329, Dec 7 high, would signal a reversal and expose the bull trigger at 75.9190, Nov 26 high.
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