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CEEMEA FX Price Signal Summary: USDZAR Probes Key Short-Term Support

EMERGING MARKETS
  • EURHUF is trading near recent lows. A bearish themel dominates. The cross has breached the 20-day EMA and the break signals potential for a deeper retracement towards the 50-day EMA next, at 367.27. This EMA represents a key support with trend signals still highlighting a bull phase. Initial firm resistance is seen at 383.17, the Mar 14 high.
  • EURPLN remains softer following last week’s reversal lower from 5.0019, Mar 7 high and this week’s follow through. The move lower is considered corrective and is allowing an overbought condition to unwind. With the 20-day EMA cleared, attention turns to the the 50-day EMA at 4.6541. This is a key support. Initial firm resistance is seen at 4.8572, the Mar 10 high.
  • USDZAR traded lower yesterday and has probed support at 14.9133, the Feb 17 low. A clear break of this support would confirm a resumption of the downtrend that started Nov 26. This would extend the bearish price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode - reinforcing the current trend condition. This would open 14.8637, the Nov 9, 2021 low and 14.6539, the Oct 26, 2021 low. Key resistance is unchanged at 15.5630, the Mar 2 high. Initial resistance is at 15.1827, high Mar 15.
  • The USDTRY outlook remains bullish. The pair last week breached the 14.6462 high from Feb 24. This has opened 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 14.2845, the 20-day EMA.
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