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TECHS: CEEMEA FX Price Signal Summary: USDRUB Remains Vulnerable

EMERGING MARKETS
  • Recent gains in EURHUF are still considered corrective. The technical condition is 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 is firmer today. The cross has failed to deliver a clear break of support at 4.4731, Feb 3 low. A breach today of 4.5091, the 50-day EMA 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 this week breached support at 14.7667, Jan 21 low. The break lower highlights scope for a test of 14.5037, Dec 25 low where a break would confirm a resumption of the broader downtrend that has been in place since Apr 6, 2020.
    • Key short-term resistance is at 15.1258, Feb 4 high.
  • USDTRY bearish conditions dominate. The recent extension lower exposes 7.00, an important psychological round number. The 20-day EMA at 7.2461 marks a firm resistance.
  • USDRUB is trading at recent lows. The pair has breached 73.9111, 76.4% of the rally between Jan 14 - 28. This has exposed 73.0665, Jan 4 low. Key resistance and the bull trigger has been defined at 76.4997, Jan 28 high. Initial resistance is at 74.7919, the 20-day EMA.
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