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Tech Focus: CEEMEA FX Price Signal Summary: USDRUB Approaches The March Low

EMERGING MARKETS
  • EURHUF is consolidating but remains bearish following last week's resumption of the downtrend. Attention is on 345.00 ahead of 343.65, Jul 31 2020 low. Initial resistance is unchanged at 351.46, May 26 high.
  • EURPLN needle still points south and fresh trend lows were printed yesterday at 4.4360, before the cross recovered. The focus is on 4.4175, Dec 9 low and a key support. For bulls, initial firm resistance is at 4.5037, the May 27 low.
  • USDZAR traded lower again Friday. This confirms a resumption of the downtrend with scope for weakness towards 13.2681 next, 1.500 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Initial resistance is at 13.8252, the 20-day EMA.
  • USDTRY spiked higher Jun 2 reaching 8.8008 before finding resistance. The outlook remains bullish following the recent breach of a host of resistance levels that had capped gains between April 22 and May 14. The pair has also cleared 8.5793, Nov 6, 2020 high. The focus is on 8.9657 next, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing ahead of the psychological 9.00 barrier. A firm support is at 8.2941, May 18 low.
  • USDRUB outlook remains bearish following the broader reversal from the Apr 7 high. The pair is trading lower again today and approaching 72.5385, Mar 16 low. A clear break would open 72.00. Resistance is at 73.8575, May 24 high.
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