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CEEMEA FX Price Signal Summary: USDZAR Trades Through Support

EMERGING MARKETS
  • EURHUF is trading near its recent lows and remains in consolidation mode. The cross continues to trade above last week’s 369.39 low, on Mar 17. The move below the 20-day EMA recently signals potential for a deeper retracement towards the 50-day EMA that intersects at 368.01. This EMA represents a key support - trend signals still highlight an uptrend. Initial firm resistance is seen at 383.17, the Mar 14 high. A break would be seen as a short-term bullish development. On the downside, clearance of the 50-day EMA would expose 362.10 instead, the Jan 24 high.
  • EURPLN remains above last 4.6570, the Mar 16 low. A short-term bearish threat is still present following the recent sharp sell-off from 5.0019, the Mar 7 high. With the 20-day EMA breached, attention is on the the 50-day EMA at 4.6599. This is a key support area and a break would signal scope for a deeper pullback and open 4.600. Initial firm resistance is seen at 4.8572, the Mar 10 high.
  • USDZAR has traded lower this week. The move lower has resulted in a break of support at 14.9133, the Feb 17 low. This confirms a resumption of the downtrend that started Nov 26 last year and marks an extension of the bearish price sequence of lower lows and lower highs. Note too that moving average studies remain in a bear mode - reinforcing the current trend direction. The focus is on 14.6539 and 14.5639, the Oct 26/22 2021 lows. Key resistance is unchanged at 15.5630, the Mar 2 high. Initial resistance is at 15.1827, high Mar 15.
  • USDTRY is consolidating but the outlook is unchanged and remains bullish. The pair recently breached the 14.6462 high from Feb 24. This has opened 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 14.4524, the 20-day EMA.

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