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CEEMEA FX Price Signal Summary - USDZAR Retracement Likely A Correction

EMERGING MARKETS
  • A corrective cycle in EURHUF is still in play and this has resulted in a pullback from recent highs. Price has breached both the 20- and 50-day EMAs. A continuation lower would expose key support at 391.55, Aug 12 low. A resumption of gains would refocus attention on the bull trigger at 416.89, Jul 7 high.
  • EURPLN attention remains on the first important resistance at 4.8088, the Jul 27 high. A break would strengthen the case for bulls and expose 4.8515, 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.
  • The current USDZAR pullback is likely a correction. The USD has recently traded above key resistance at 17.3060, 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 17.9493, 76.4% of the 2020 - 2021 bear leg. Key support is 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 18.1259 is the initial firm support to watch.
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