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CEEMEA FX Price Signal Summary: USDZAR Probes Key Support

EMERGING MARKETS
  • EURHUF is consolidating and continues to trade near its recent lows. The outlook remains bearish and the 50-day EMA - at 359.35 - represents a key short-term resistance. Attention is on 350.88, the Jan 13 low. This is a key support where a break would confirm a resumption of the downtrend and open 348.55, the Sep 16, 2021 low. A clear breach of the 50-day EMA would signal a possible reversal.
  • EURPLN remains soft - the cross traded sharply lower Wednesday and cleared 4.5088, the Jan 20 low and the bear trigger. This has confirmed a resumption of the downtrend that started Nov 23 last year and signals scope for weakness towards 4.4503, the Jun 6 2021 low and 4.4360, the Jun 7 low from last year. 4.5456, the 20-day EMA marks resistance.
  • USDZAR is trading closer to its recent lows. The key support levels to watch are; the Jan 21 low of 15.0669 and 15.1028, trendline support drawn from the Jun 7, 2021 low. Both have been probed and remain exposed. A clear break would strengthen a bearish case and open 14.8637, the Nov 9 low. While it holds, a broader uptrend remains intact and the downleg since late November last year is still considered corrective. A key short-term resistance has been defined at 15.7559, the Jan 31 high.
  • USDTRY remains in a tight range around the 20-day EMA. The outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. The 50-day EMA at 13.0434 represents initial support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB remains soft. The pair has this week breached support the 50-day EMA to reinforce the current bear cycle. This signals scope for an extension towards 73.0926, the Jan 12 low. The bull trigger is at 80.4155, the Jan 26 high. Initial resistance is seen at 76.8226, the Feb 3 high.
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