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CEEMEA FX Price Signal Summary: USDZAR Trend Needle Still Points North

EMERGING MARKETS
  • EURHUF remains below Tuesday's high of 371.99. Despite the pullback, a bullish theme remains intact. Price has recently traded through resistance at 369.54, Apr 1, 2020 high. A clear break would represent an important technical breach, strengthen bullish conditions and open 372.90 next, 1.236 projection of the Nov 4 - 12 - 18 price swing. Key short-term support has been defined at 362.04. Nov 18 low.
  • EURPLN has failed to hold onto Tuesday's high. Despite the pullback, the trend outlook remains bullish. Last week's breach of 4.6480, Sep 30 high, strengthens this case. The cross has also traded above 4.6800, Mar 29 high and cleared the 4.70 handle . This move higher has opened 4.7424, the 1.382 projection of the Sep 1 - Sep 30 - Oct 7 price swing. Initial support is at 4.6474, the 20-day EMA.
  • USDZAR remains bullish following the recent breach of 14.4926, Nov 3 high. This strengthens the case for bulls and note that 15.6625, Jan 11 high and a major resistance has also been cleared. The focus is on 16.00 and 16.4304, the Nov 4, 2020 high. Support is seen at 15.1542, the Nov 15 low.
  • USDTRY stalled at Tuesday's high of 13.4539. Price action is likely to remain volatile and perhaps even result in a very short-term retracement lower. The risk however remains skewed to the upside. In terms of support, Tuesday's low of 11.3603 is the first reference point. The bull trigger is 13.4539. Both levels represent important short-term directional triggers.
  • USDRUB remains in an uptrend. Recent gains have exposed resistance at 75.3497, the Jul 8 high where a break would open the 76.00 handle. Support has been defined at 72.3270, Nov 17 low.
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