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CEEMEA FX Price Signal Summary: USDZAR Probes The 15.50 Handle

EMERGING MARKETS
  • EURHUF remains under pressure and has recently cleared a number of important short-term support levels. The cross is challenging 356.43 next, 61.8% of the Sep - Nov rally. A clear break of this level would open 355.15 next, Oct 4 low and 352.75, the 76.4% retracement. Initial firm resistance is seen at 360.99, the Dec 2 low.
  • EURPLN remains vulnerable following this month's extension of the current bear cycle. The cross last week breached a key short-term support at 4.5798, the Dec 8 low and Monday breached 4.5392, the Oct 7 low. This opens 4.5010 next, the Sep 1 low. Initial resistance is seen at 4.5847, the 20-day EMA.
  • USDZAR is still trading below last week’s high and today’s weakness has resulted in a print below the 15.50 handle. The continued weakness suggests scope for a deeper short-term decline and attention turns to 15.1542, Nov 15 low. Initial key resistance has been defined at 16.0902, Jan 1 high.
  • USDTRY is unchanged and continues to hold onto recent gains. The outlook remains bullish. Price is trading above the Dec 23 low of 10.2512 that also represents a key short-term support handle. Further gains would open 14.3729, the Dec 11 high. A breach of this level would open 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB bulls remain in control following last week’s gains and breach of 75.9190, Nov 26 high and a bull trigger. The break strengthens the bullish case and has opened 78.0406, Apr 7 high. 73.0926, Dec 27 low marks the key support. Initial support at 74.6306, the 20-day EMA, has been breached. A more important support is seen at the 50-day EMA - the average intersects at 73.8920.
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