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TECHS: CEEMEA FX Price Signal Summary: TRY, ZAR At Fresh Highs Versus The USD

EMERGING MARKETS
  • Recent gains in EURHUF are still considered corrective. The technical condition 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.
    • Key resistance remains 361.14, Jan 27 high where a break is required to alter the picture.
  • EURPLN last week failed to deliver a clear break of support at 4.4731, Feb 3 low. A breach of 4.5084/89, the 50-day EMA and Feb 12 high would signal scope for a stronger bounce. Key resistance is 4.5618, Jan 28 high. The recent low has been 4.4709, Feb 10. A break would resume the recent bearish pressure.
  • USDZAR weakness extends. The pair has cleared 14.5037, Dec 25 low and the bear trigger. This confirms a resumption of the broader downtrend that has been in place since Apr 6, 2020 and paves the way for a move towards 14.0633, 1.236 projection of the Apr - Jun - Aug 2020 price swing
    • Resistance is at 14.7667, Jan 21 low.
  • USDTRY bearish conditions dominate and the downtrend extends. The pair has cleared 7.00 to extend 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 7.2067 marks a firm resistance.
  • USDRUB stalled at Friday's high of 76.4674 and has breached the base of the bull channel drawn off the Dec 17 low. Attention is on 72.6566, the Dec 17 low.
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