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CEEMEA FX Price Signal Summary: USDZAR Pullback Considered Corrective

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish. However, a corrective bear leg has resulted in a pullback from recent highs. This has resulted in a print below both the 20- and 50-day EMAs. A continuation lower would expose the key short-term support at 391.55, Aug 12 low. A resumption of gains would refocus attention on the bull trigger at 416.89, the Jul 7 high.
  • EURPLN is consolidating. Attention remains on the first important resistance at 4.8088, the Jul 27 high. A break of this level would strengthen the case for bulls and expose 4.8515, the Jul 12 high. On the downside, key short-term support is unchanged at 4.6528, the Aug 15 low. A move below this level would be bearish.
  • USDZAR short-term conditions remain bullish despite the pullback from yesterday’s high. The USD on Monday, traded above key resistance at 17.3060, the Jul 14 high and a bull trigger. The break highlights a resumption of the uptrend that started in June 2021 and maintains the bullish price sequence of higher highs and higher lows. The focus is on the 17.50 handle while further out, the break suggests scope for a climb towards 17.9493, 76.4% of the 2020 - 2021 bear leg. Key support has been defined at 16.7102, the Aug 25 low.
  • USDTRY trend conditions remain bullish following recent gains. Scope is seen for a climb towards 18.3633, the Dec 20 2021 high and a key resistance. The 20-day EMA, at 18.0767, is the initial firm support to watch.
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