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​CEEMEA FX Price Signal Summary: USDZAR Trades Above Recent Highs

EMERGING MARKETS
  • EURHUF has pulled away from its recent high of 382.12 on Apr 7. Recent price action has defined 382.12 and 366.41, the Mar 30 low, as key short-term directional triggers. From a trend perspective, the direction is up and a breach of 382.12, would reinforce this set-up. Weakness through 366.41 though would instead be a bearish development.
  • EURPLN continues to consolidate. The cross did spike lower on Apr 6 to 4.5588, before rebounding. Short-term conditions remain bearish, following the recent sell-off from 5.0019, Mar 7 high. The 50-day EMA, and a support at 4.6570, Mar 16 low, have been breached, paving the way for an extension below the 4.60 handle. Initial firm resistance is at 4.7867, the Mar 25 high.
  • USDZAR is trading higher. Today’s gains have resulted in a break of 14.8132, the Apr 7 high. This has exposed the 50-day EMA that intersects at 14.9015. A break of this EMA would open 15.1290, the top of a bear channel drawn from the Dec 15 2021 high of 16.2651. Key trend support lies at 14.4025, the Mar 31 low.
  • USDTRY price action remains above the Mar 29 low of 14.5392. A more important short-term support lies at 14.3979, the Mar 15 low. The outlook is bullish and scope is seen for a climb towards 14.9932, the Mar 11 high and 15.2645 further out, 61.8% of the Dec 20 - 23 sell-off.
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