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CEEMEA FX Price Signal Summary: USDZAR Retracement Extends

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish and last week’s pullback is considered corrective. A bullish price sequence of higher highs and higher lows has been established and moving average studies point north. The cross on May 16, probed 391.80, 76.4% of the Mar 7 - 30 downleg. A clear break would open 399.64, the Mar 7 high and the next key resistance. Firm support is seen at 378.10, the May 10 low.
  • EURPLN has traded lower once again today. The cross however continues to trade inside its current range. The broader outlook is unchanged and remains bullish. A resumption of gains would expose the key short-term resistance at 4.7867, Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support to watch is 4.5588, the Apr 6 low. A break would be bearish.
  • The current USDZAR corrective cycle remains in play and the pair has traded lower today. Price is through the 20-day EMA and attention turns to the 50-day EMA, at 15.5088 ahead of the key support at 15.4112, May 4 low. The current retracement is considered corrective. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger.
  • USDTRY maintains a bullish tone following its recent climb. Attention is on the 16.00 handle where a break would open 16.4488, 76.4% of the Dec 20 - 23 sell-off. Initial firm support lies 15.3244, the 20-day EMA.
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