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TECHS: CEEMEA FX Price Signal Summary: USDZAR Bear Flag

EMERGING MARKETS
  • EURHUF maintains a short-term bullish tone and has today tested 364.27, 61.8% of the sell-off between Mar 18 and Apr 12. This level has provided resistance and the cross has pulled back from the day high. A move lower is considered corrective. A climb back above the retracement would confirm a resumption of recent gains and open 366.16, the 76.4% level. Initial support is seen at 360.13, Apr 19 low.
  • Key support in EURPLN is unchanged at 4.5203, Apr 12 low. This level 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 to 4.50 and 4.4709, Feb 10 low.
    • Initial resistance is 4.5751, Apr 8 high ahead of 4.6088, Apr 5 high.
  • USDZAR is consolidating and recent gains appear to be a bear flag.
    • This is a continuation pattern and reinforces current bearish conditions following recent weakness.
    • The focus is on 14.0633, the 1.236 Fibonacci projection of the Apr - Jun - Aug 2020 price swing.
    • Initial resistance is unchanged at 14.3966.
  • USDTRY traded higher yesterday. A bullish theme remains intact. The focus is on the 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. Initial support is also unchanged at 7.9886, Apr 2 low.
  • USDRUB is trading lower and has cleared support at 75.2275, Mar 31 low. This opens 74.6403 and potentially 73.8370, 61.8% and 76.4% of the rally between Mar 16 - Apr 7. Firm resistance has been defined at 77.0660, Apr 20 high.
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