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Tech Focus: CEEMEA FX Price Signal Summary: USDZAR Gains Considered Corrective

EMERGING MARKETS
  • EURHUF gains are considered corrective. The outlook remains bearish following the recent resumption of the downtrend. Attention is on the 345.00 handle ahead of 343.65, Jul 31 2020 low. Initial firm resistance is at 353.50, the 50-day EMA.
  • EURPLN needle still points south and recent gains are considered corrective. A bearish theme follows fresh trend lows last week, down to 4.4360. The focus is on 4.4175, Dec 9 low and a key support. Initial firm resistance is at 4.5165, the 50-day EMA.
  • USDZAR is off recent lows and correcting but remains in a downtrend.
    • Recent weakness confirmed a resumption of the downtrend signalling scope for a move towards 13.2681 next, 1.500 Fibonacci projection of the Apr - Jun - Aug 2020 price swing.
    • The pair has probed the 20-day EMA at 13.7714.
    • A stronger correction would open 14.00 with the 50-day EMA at 14.0691.
  • USDTRY traded sharply lower last week as the current corrective cycle extends. The pair is testing the 50-day EMA at 8.3098 - the EMA is considered a key support area. A convincing break would open 8.1397, Apr 29 low. The underlying trend remains bullish. A break of 8.6221, Jun 9 high would ease bearish pressure. The key bull trigger is at 8.8008, Jun 2 high.
  • USDRUB last week cleared 72.5385, Mar 16 low reinforcing the current bear cycle. Moving average studies remain in a bear mode and this clearly highlights the fact that for now, the path of least resistance remains down. The recent break lower signals potential for weakness towards 71.0838, 76.4% retracement of the Jun - Oct 2020 rally. Resistance is at 73.0985, the 20-day EMA.
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