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TECHS: CEEMEA FX Price Signal Summary: HUF Storms Ahead

EMERGING MARKETS
  • EURHUF remains bearish and has also started the week on a softer note as the downtrend extends. The sharp sell-off May 17 resulted in a breach of the November, December 2020 lows and the recent February lows. The cross has also cleared the 350.00 handle. Attention is on 345.00 ahead of 343.65, Jul 31 2020 low. On the upside, initial resistance is seen at 353.15, Dec 14, 2020 low and the recent key breakout level.
  • USDHUF remains weak and the downtrend has resumed again today. Attention is on 282.10, Jun 7, 2018 low. Initial resistance is at 289.15, Aug 6, 2020 low and the recent breakout level.
  • EURPLN maintains a bearish tone following last week's break of support at 4.5203, Apr 12 low and 4.5202, 76.4% of the Feb 10 - Mar 29 rally. This suggests scope for a deeper sell-off towards 4.4709, Feb 10 low. For bulls, clearance of 4.5931, Apr 28 high is needed to strengthen a bullish case. Initial resistance is seen at 4.5383, the 50-day EMA.
  • USDZAR maintains a bearish theme. The recent move through support at 14.1484, Apr 29 low opens 13.6235, the 1.382 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Key resistance has been defined at 14.5434, May 4 high. Initial resistance is at 14.1989, May 13 high.
  • USDTRY technical conditions remain bullish. The recent break of 8.4851, Apr 26 high reinforces this theme. The focus is on 8.5793, Nov 6 high and an important resistance. Initial firm support is seen at 8.2259, May 7 low.
  • USDRUB outlook is bearish following the recent move lower and the broader reversal from the Apr 7 high. The focus is on 73.00 and 72.5385, Mar 16 low. Resistance is at 74.6670, the May 12 high.
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