Free Trial

CEEMEA FX Price Signal Summary: Watching The USDZAR Trendline Support

  • EURHUF gains stalled last week just ahead of the 50-day EMA and is trading near its recent lows. The 50-day EMA - at 361.36 - represents a key short-term resistance and a clear break, if seen, would signal scope for a stronger rally towards 363.78, 61.8% of the Dec 24 - Jan 13 downleg. Moving average studies continue to suggest the broader trend remains down though and that recent gains are corrective. A continuation lower would refocus attention on 350.88, the Jan 13 low.
  • EURPLN is consolidating near its recent highs. The move higher from 4.5088, Jan 20 low has resulted in a break of the 20-and 50-day EMAs. An extension higher would signal scope for a rally towards 4.6180, 23.6% of the downleg between Nov 23 - Jan 20. Gains are still considered corrective though and a resumption of weakness would refocus attention on the 4.5088 bear trigger.
  • USDZAR recovered last week from the recent low of 15.0669, Jan 21 low. The move higher means trendline support, at 15.0273 today, has remained intact - the trendline is drawn from the Jun 7, 2021 low. This line represents a key support and a break would strengthen a bearish case and open 14.8637, the Nov 9 low. Key short-term resistance has been defined at 15.7559, the Jan 31 high. A break would be positive.
  • USDTRY is lower but remains in consolidation mode around the 20-day EMA. The outlook remains bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB faced resistance late last week and is trading lower. The recent sharp sell-off suggests a short-term top has been defined at 80.4155, Jan 26 high. In pattern terms, last Thursday’s candle formation is a bearish engulfing reversal. A deeper pullback would open 75.3768, the 50-day EMA. Dips are considered corrective though. The bull trigger is at 81.4155.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.