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TECHS: CEEMEA FX Price Signal Summary: Bullish Engulfing USDZAR Candle

EMERGING MARKETS
  • Gains in EURHUF are still considered a correction. The outlook remains bearish and the downtrend that started Dec 31 is intact. The recent breach of 356.32, Jan 25 low opens 353.15 next, a major support and Dec 14 low.
    • On the upside, key resistance remains 361.14, Jan 27 high where a break is required to alter the picture. Initial resistance is at 359.66, Feb 9 high.
  • EURPLN last week failed to deliver a clear break of support at 4.4731, Feb 3 low. A breach of 4.5070/89, the 50-day EMA and Feb 12 high would signal scope for a stronger recovery. Key resistance is 4.5618, Jan 28 high. The recent low has been 4.4709, Feb 10. A break of this level would resume bearish pressure.
  • USDZAR weakness has reversed and the pair has entered a corrective phase. Yesterday's price pattern in candle terms is a bullish engulfing and today's follow through suggests scope for a short-term recovery. The focus is on 14.8451, the 20-day EMA. A clear breach of this average would expose the 50-day EMA at 15.0366. Key support and the bear trigger has been defined at 14.4052, low Feb 16.
  • USDTRY bearish conditions continue to dominate and the downtrend extended once again yesterday.
    • The pair has cleared 7.00 to maintain the bearish sequence of lower lows and lower highs.
    • This has opened 6.8568, the 50.0% retracement of the Nov 2018 - Nov 2020 uptrend.
    • The 20-day EMA at 7.1647 marks a firm resistance.
  • USDRUB earlier this week breached the base of the bull channel drawn off the Dec 17 low. Attention remains on 72.6566, the Dec 17 low. Resistance has been defined at 74.4674, the Feb 12 high.
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