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Tech Focus: CEEMEA FX Price Signal Summary: USDRUB Tests 72.00 And Remains Under Pressure

EMERGING MARKETS
  • EURHUF remains above recent lows however the outlook is 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 earlier in the week 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 Jun 4. 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 13.8011, the 20-day EMA.
  • USDTRY spiked higher Jun 2 reaching 8.8008 before finding resistance. The outlook remains bullish and 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 continues to face selling pressure and traded sharply lower again yesterday. Price has cleared 72.5385, Mar 16 low and the break has opened 72.00, that has also been probed. A clear break of 72.00 would open 71.084, 76.4% retracement of the Jun - Oct 2020 rally. Resistance is at 73.4679, the 20-day EMA.
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