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CEEMEA FX Price Signal Summary: USDZAR Pullback Considered Corrective

EMERGING MARKETS
  • EURHUF is trading near recent highs and the trend needle still points north. The cross has traded above 361.24, Sep 30 high and sights are set on the key resistance at 362.46, Jul 26 high. Clearance of this level would reinforce bullish conditions and open 364.40, Apr 23 high. Initial firm support has been defined at 355.15, Oct 4 low.
  • EURPLN is slightly weaker but remains above last week's 4.5392, Oct 7 low. The sharp reversal higher last week is bullish and signals the end of recent bearish pressure. 4.5392 has been defined as a key short-term pivot support. Attention is on 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. A break below 4.5392 would alter the picture.
  • USDZAR remains below recent highs. The trend outlook however is bullish following the recovery from 14.0639, Sep 10 low. Price has recently cleared 15.0807, 76.4% of the Aug 20 - Sep 10 downleg. This reinforces bullish conditions and opens 15.3948 next, Aug 20 high. Support is seen at 14.7420, the 50-day EMA. Dips are considered corrective.
  • The USDTRY uptrend remains intact and the pair continues to appreciate. The move higher opens 9.0563 next, 1.382 projection of the Sep 10 - 20 - 22 price swing. Firm support is 8.8008, the former range top and Jun 2 high.
  • USDRUB is consolidating near recent lows. The outlook remains bearish following last week's sell-off and Monday's fresh low. Attention is on 71.5542, the Jun 11 low. A break would expose 71.0838, 76.4% retracement of the Jun - Nov rally. Key near-term resistance is unchanged at 73.6208, Sep 20 high. Initial resistance is at 72.4770, the 20-day EMA.
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