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CEEMEA FX Price Signal Summary: USDZAR Resumes Its Climb

EMERGING MARKETS
  • EURHUF trend conditions remain bullish and the latest pullback is considered corrective. This week’s gains have confirmed a resumption of the uptrend - resistance at 404.76, the Jun 27 high has been cleared. The move higher also confirms an extension of the bullish price sequence of higher highs and higher lows and sets the scene for a climb towards 415.17, the 1.00 projection of the Jan 13 - Mar 7 - 30 price swing. On the downside, key trend support has been defined at 393.25, the Jun 29 low. The 20-day EMA, at 399.19, marks an initial support.
  • EURPLN maintains a bullish theme following this week’s extension of the current bull cycle. The climb has resulted in a clear break of; 4.7446, the Jun 16 high and 4.7279, the Apr 26 high. This signals scope for an extension towards 4.8331, the 61.8% retracement of the Mar 7 - May 30 bear leg. Key support has been defined at 4.6262, the Jun 21 low. The 20-day EMA, at 4.6973, marks the initial support.
  • USDZAR maintains a bullish tone and climbing once again today. Major resistance at 16.3668, the Nov 26 2021 high, has recently been cleared. The break confirms a resumption of a broader uptrend that started in June 2021. This sets the scene for an extension higher towards 16.9764 next, the 1.236 projection of the recent Jun 9 - 13 - 15 price swing. The 17.00 is also within reach. Further out, potential is seen for a climb towards 17.0823, 61.8% of 2020 - 2021 bear cycle. Initial firm support is at 16.1858, the 20-day EMA.
  • USDTRY trend conditions remain bullish and the pair continues to appreciate. Price is approaching the bull trigger at 17.4446, the Jun 22 high. A breach of this hurdle would confirm a resumption of the primary uptrend and open the 18.00 handle. Key support is unchanged at 16.0956, the Jun 27 low. The 20-day EMA, at 16.3891, marks initial support.
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