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CEEMEA FX Price Signal Summary: USDZAR Remains Vulnerable

EMERGING MARKETS
  • EURHUF is unchanged and consolidating. The outlook though remains bearish. The cross traded through support at 369.39 on Tuesday, the Mar 17 low. This marks the end of a recent period of consolidation and confirms a bear flag breakout on the daily chart plus highlights a move below the 50-day EMA. Scope is seen for weakness towards 364.56 next, the Feb 28 low. Key short-term resistance is at 376.51, the Mar 18 high.
  • A short-term bearish threat in EURPLN remains present. A bearish theme follows the recent sharp sell-off from 5.0019, Mar 7 high. The 50-day EMA and support at 4.6570, Mar 16 low, have been breached this week and this paves the way for a move towards 4.60. Initial firm resistance is seen at 4.7867, the Mar 25 high.
  • USDZAR bearish conditions remain intact. A recent sell-off resulted in a break of support at 14.9133, Feb 17 low. This confirmed a resumption of the downtrend that started Nov 26 2021. Moving average studies are in a bear mode too, reinforcing the current trend direction. The focus is on 14.3542 next, the Oct 20 2021 low. Initial resistance is at 14.8305, the 20-day EMA.
  • USDTRY traded lower Tuesday and broke out of its recent extremely tight range. The move lower is considered corrective and bullish trend conditions remain intact. Scope is seen for a climb towards 15.2645, 61.8% of the Dec 20 - 23 sell-off. The 20-day EMA, at 15.5941, has provided support. A more important short-term support lies at 14.3979, the Mar 15 low.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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