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Tech Focus: CEEMEA FX Price Signal Summary: USDTRY Needle Still Points North

EMERGING MARKETS
  • Despite the pullback from yesterday's high, EURHUF maintains a firmer tone following this week's gains and the extension from 347.82, Jun 23 low. Key resistance at 356.57, Jun 22 high has been cleared signalling a reversal of the recent downtrend. This opens 360.02, 61.8% of the Mar - Jun downleg. Initial support is seen at 353.12, the 50-day EMA.
  • EURPLN outlook remains bullish. The cross rallied Jun 7 - 18. This continues to highlight a bullish theme and signals scope for a stronger short-term recovery. A resumption of strength would open 4.5868, 61.8% of the Mar 29 - Jun 7 downleg and 4.5931, Apr 28 high. Support to watch is at 4.4911, Jul 6 low.
  • USDZAR outlook remains bullish. The focus is on 14.5434, May 4 high. Key short-term support has been defined at 14.0212, Jun 25 low.
  • USDTRY continues to consolidate. Trend conditions are bullish and attention is on 8.8008, Jun 2 high. A break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing. Key support is at 8.2860, Jun 11 low. Initial support is 8.5986, Jun 23 low.
  • USDRUB has found resistance, ending for now the recent strong rally. The pair has recently traded through the 50-day EMA and a number of retracement levels have been tested and breached. This highlights a bullish condition and the focus is on 75.5628, 61.8% of the Apr 7 - Jun 11 sell-off. 73.1595, the Jul 6 low low marks support.
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EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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