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CEEMEA FX Price Signal Summary: USDZAR Trend Condition Remains Bullish

EMERGING MARKETS
  • EURHUF trend conditions remain bullish and the cross has recovered from last Wednesday’s low of 393.25. Price traded to a fresh trend high of 404.76 on Jun 27, to confirm a resumption of the uptrend and maintain a bullish price sequence of higher highs and higher lows. Moving average studies also point north and the focus is on the 410.00 handle - a break of 404.76 would confirm a resumption of the uptrend. On the downside, a deeper pullback would expose the 50-day EMA at 390.61.
  • EURPLN is unchanged and continues to trade above 4.6262, the Jun 21 low. Price is also trading below key resistance at 4.7279, Apr 26 high and 4.7446, the Jun 16 high. A clear breach of this resistance zone would strengthen bullish conditions and open 4.7867, the Mar 25 high. Weakness below 4.6262 would instead highlight a short-term bearish development and attention would turn to the 4.6000 level and the key short-term support at 4.5599, May 30 low.
  • USDZAR maintains a bullish tone. The pair traded through a major resistance last week at 16.3668, the Nov 26 2021 high. The break confirms a resumption of a broader uptrend that started in June 2021. This sets the scene for an extension higher towards 16.50 next while further out, there is scope for a climb towards 16.7361, the 1.00 projection of the recent Jun 9 - 13 - 15 price swing. Initial firm support is at 15.9725, the 20-day EMA.
  • USDTRY is consolidating. The trend condition remains bullish despite the recent pullback. Key short-term support has been defined at 16.0956, the Jun 27 low, and lies just below the 50-day EMA at 16.2684. A break of these two support levels is required to signal scope for a stronger bearish reversal. On the upside, the bull trigger is at 17.4446, the Jun 22 high.
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