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TECHS: CEEMEA FX Price Signal Summary: EURHUF Spirals Lower

EMERGING MARKETS
  • EURHUF weakness extends as the strong reversal from Mar 18 continues to accelerate.
    • The cross has cleared trendline support drawn off the Jul 31, 2020 low.
    • Furthermore, 360.35, 61.8% of the rally between Feb 2 and Mar 18 has been cleared as has 358.25, the 76.4% level.
    • The clear breach of these support levels highlights scope for an extension of the current bear leg and opens 354.87, the Feb 2 low.
    • Resistance is at 360.17, Apr 8 high.
  • EURPLN remains on the back foot as the cross trades lower and also extends the reversal from 4.6800, Mar 29 high.
    • 4.5508, 61.8% of the Feb 10 - Mar 29 rally has been breached and this opens 4.5202, the 76.4% level.
    • Clearance of 4.5202 would open 4.4709, Feb 10 low.
    • On the upside, resistance is at 4.5751, Apr 8 high.
  • USDZAR is trading closer to recent lows. The pair maintains a bearish short-term tone following the recent move lower from 15.5726, Mar 8 high. Attention is on 14.3966, Feb 24 low. Initial resistance is at 14.8602, the 50-day EMA ahead of 15.1000, Mar 26 high.
  • USDTRY is consolidating but maintains a bullish tone with attention on key resistance at 8.4704, Mar 22 high. A break of this hurdle would open 8.5793, the Nov 6 high and an important resistance. Key support has been defined at 7.6958, Mar 22 low.
  • USDRUB traded higher Apr 7 registering a high print of 78.0406 before pulling back. 77.7370, 61.8% retracement of the Nov 2020 - Mar downleg has been probed. A clear break would open 78.9651, the 76.4% level. 75.2275 marks support, Mar 31 low.
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