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TECHS: CEEMEA FX Price Signal Summary: USDRUB Reverses Course

EMERGING MARKETS
  • EURHUF traded higher yesterday however despite these gains, the cross remains heavy.
    • Price has recently 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 breached as has 358.25, the 76.4% level.
    • This opens 354.87, Feb 2 low.
    • Resistance is at 360.17, Apr 8 high.
  • EURPLN also rallied sharply yesterday
    • Monday's low of 4.5203 marks a key support and coincides with 4.5202, 76.4% of the Feb 10 - Mar 29 rally.
    • A clear breach of this support would suggest scope for a deeper pullback towards 4.50 and would open 4.4709, Feb 10 low.
    • Initial resistance is at 4.5751, Apr 8 high ahead of 4.6088, Apr 5 high.
  • USDZAR has tested recent lows. The pair maintains a bearish S/T tone following the recent move lower from 15.5726, Mar 8 high. Attention is on 14.3966, Feb 24 low. Initial resistance is at 14.8239, the 50-day EMA ahead of 15.1000, Mar 26 high.
  • USDTRY is trading lower however a bullish theme remains intact. Attention is 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 is unchanged at 7.6958, Mar 22 low.
  • USDRUB reversed lower yesterday and has today traded close to support at 75.2275, Mar 31 low. Recent gains have defined a key resistance at 78.0406, Apr 7 high. This level marks the bull trigger. A breach of support at 75.2275 would signal scope for a deeper pullback.
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