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CEEMEA FX Price Signal Summary: USDZAR Rallies Through First Resistance

EMERGING MARKETS
  • EURHUF is softer following a pullback this week from recent highs. The outlook remains bullish and the pullback is considered corrective. A positive theme follows the recent break of 362.46, Jul 26 high and 364.40, Apr 23 high. This sets the scene for a climb towards 369.21, Mar 18 high. Initial firm support has been defined at 358.56, Oct 15 low.
  • EURPLN outlook remains bullish. The sharp positive reversal on Oct 7 signalled the end of the recent Sep 30 - Oct 7 correction. It suggests scope for a move towards 4.6480, Sep 30 high where a break would strengthen a bullish case and open 4.6800, Mar 29 high. Weakness below 4.5392 would alter the picture. The 50-day EMA at 4.5837 marks initial support.
  • USDZAR is firmer again today and has breached initial resistance at 15.2524, the Sep 30 high and a key resistance. The break strengthens a bullish condition and exposes a key resistance at 15.3948, the Aug 20 high. Clearance of 15.3948 would pave the way for a climb towards 15.5726, the Mar 8 high. The 20-day EMA at 14.8302 marks support.
  • USDTRY remains below Monday's high. The trend condition however is unchanged and remains bullish. Recent accelerated gains reinforced a bullish theme and confirmed a resumption of the primary uptrend. The focus is on 9.8797, 3.00 projection of the Sep 22 - 29 - Oct 1 price swing ahead of the 10.00 psychological handle. Key support is at 9.2050, the Oct 20 low. Initial support is at 9.4157, Oct 26 low.
  • USDRUB remains vulnerable following recent weakness and short-term gains from Tuesday's low are considered corrective. The recent extension lower maintains the current bearish price sequence of lower lows and lower highs and with trend signals still pointing south, further USD depreciation is likely. The focus is on 68.5545, Jun 23 low. Initial firm resistance is at 71.3034, the Oct 21 high.
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