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

EMERGING MARKETS
  • EURHUF trend conditions remain bullish and the latest pullback is still considered corrective. The recent print above resistance at 399.64, Mar 7 high confirmed a resumption of the uptrend and attention is on 403.66, 0.764 projection of the Jan 13 - Mar 7 - 30 price swing. Moving average studies remain in a bull mode, highlighting current trend conditions. On the downside, a break of 387.15, the Jun 6 low is required to signal a potential top. Initial support is at 394.47, the 20-day EMA - it has been tested although for now, remains intact.
  • EURPLN has so far failed to hold onto its recent gains and the print above key resistance at 4.7279, Apr 26 high. A clear break of this resistance is required to strengthen bullish conditions and open 4.7867, the Mar 25 high. The move lower this week however is a short-term bearish development and attention is on the 4.6000 level and the key short-term support at 4.5588, the Apr 6 low. A break of the latter would be a bearish development.
  • USDZAR is consolidating. The pair recently found support at 15.1685 on Jun 9. The subsequent recovery highlights a reversal and attention is on 16.3237, the May 16 high and a bull trigger. Initial firm support is seen at 15.6447, the 50-day EMA. Key support has been defined at 15.1685.
  • USDTRY is trading closer to its recent highs and maintains a bullish tone. The focus is on a climb towards the 18.00 handle next ahead of last year's major high at 18.3633, on Dec 20. Firm support lies at 16.8360, the 20-day EMA.
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