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Price Signal Summary: Key USDRUB Support At The 50-day Remains Intact

EMERGING MARKETS
  • EURHUF traded sharply lower yesterday, down to 350.88 before recovering. Despite the bounce, bearish conditions remain in place. The focus is on the 350.00 handle and the key support at 346.81, the Sep 6, 2021 low. Initial resistance is seen at 358.48, the Nov 4 low and a recent breakout level.
  • EURPLN is consolidating but remains vulnerable following this month's extension of the bear cycle. The cross last week cleared support at 4.5798, the Dec 8 low and Monday breached 4.5392, the Oct 7 low. This opens 4.5010 next, the Sep 1 low. Initial resistance is seen at 4.5755, the 20-day EMA.
  • USDZAR traded lower yesterday and has this week cleared the 15.50 handle. This suggests scope for a deeper short-term pullback with the focus on 15.1542, the Nov 15 low and 14.8637, the Nov 9 low. Firm short-term resistance is seen at 15.6963, the 20-day EMA.
  • USDTRY has recovered from levels just below the 20-day EMA. The outlook remains bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents a key S/T support handle. Further gains would open 14.3729, the Dec 11 high. A breach of this level would open 15.2645, 61.8% of the Dec 20- 23 sell-off.
  • USDRUB bulls remain in control following last week’s gains and breach of 75.9190, Nov 26 high and a bull trigger. The break strengthens the bullish case and has opened 78.0406, Apr 7 high. The most recent pullback appears to have been a correction and yesterday’s strong rally means support at the 50-day EMA, at 74.0177, has remained intact. This average is the key support level to watch.
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