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CEEMEA FX Price Signal Summary: USDZAR Pullback Considered Corrective

EMERGING MARKETS
  • EURHUF is lower today but maintains a short-term bullish tone. The cross traded higher Monday and challenged resistance at 382.12, the Apr 7 high. A clear break of this hurdle would strengthen a bullish theme and signal scope for a climb towards 386.95, 61.8% of the bear cycle between Mar 7 - 30. Key support has been defined at 366.41, the Mar 30 low. Initial support lies at 376.09, the 20-day EMA.
  • EURPLN is consolidating. The outlook remains positive though. The cross confirmed a bullish breakout - on Apr 26 - of its recent tight range. The move higher eases a recent bearish threat and an extension of gains would expose the key short-term resistance at 4.7867, the Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support has been defined at 4.5588, the Apr 6 low. A break would reinstate a bearish threat.
  • USDZAR maintains a bullish tone despite yesterday’s pullback. This follows strong impulsive gains since Apr 19 that also resulted in the breach - on Apr 21 - of the top of a bear channel drawn from the Dec 15 2021 high. The focus is on 16.2651 next, the Dec 15 2021 high ahead of 16.3668, the Nov 26 high and a key resistance. Initial support lies at 15.7203, the Apr 29 low. The 20-day EMA at 15.3876, represents a firmer support.
  • USDTRY maintains a firmer tone - the pair traded higher Monday and above 14.8689, the Mar 24 high. Price action remains above the Mar 29 low of 14.5392 although a more important short-term support lies at 14.3979, Mar 15 low. Scope is seen for a climb towards 14.9932, Mar 11 high and 15.2645 further out, 61.8% of the Dec 20 - 23 sell-off.
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