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Free AccessCEEMEA FX Price Signal Summary: USDZAR Recovery Means Trendline Support Stays Intact
- EURHUF gains stalled this week just ahead of the 50-day EMA on Monday - the EMA intersects at 361.75 today. This represents a key short-term resistance and a clear break, if seen, would signal scope for a stronger rally towards 363.78, 61.8% of the Dec 24 - Jan 13 downleg. Moving average studies continue to suggest the broader trend remains bearish though and that recent gains are corrective. A reversal lower would refocus attention on 350.88, the Jan 13 low.
- EURPLN traded lower yesterday but is still holding onto the bulk of its recent gains following the recovery from 4.5088 , Jan 20 low. The recent move higher has resulted in a break of the 20-day EMA and a print above the 50-day EMA, currently at 458.15. A clear breach of this 50-day average would signal scope for a stronger rally and open the 4.60 handle and 4.6180 further out, 23.6% retracement of the downleg between Nov 23 - Jan 20. Gains are considered corrective though and a resumption of weakness would refocus attention on the 4.5088 bear trigger.
- USDZAR is recovering from the recent low of 15.0669, Jan 21 low. The move higher means trendline support at 15.0084 remains intact - the trendline is drawn from the Jun 7, 2021 low. This level represents a key support where a break would strengthen a bearish case and open 14.8637, the Nov 9 low. The pair is through the 50-day EMA today, improving the outlook for bulls and sights are on the 16.00 handle next.
- USDTRY is unchanged and is still trading sideways in a very tight range at the 20-day EMA. The outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
- USDRUB faced resistance yesterday. The sharp sell-off suggests a short-term top has been defined at 80.4155, the Jan 26 high. In pattern terms, yesterday’s candle formation is a bearish engulfing reversal. A deeper pullback would open 76.6580, the 20-day EMA and 75.1901, the 50-day EMA. Dips are considered corrective though. The bull trigger is at 81.4155.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.