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TECHS: CEEMEA FX Price Signal Summary: USDZAR Bears Still In Charge

EMERGING MARKETS
  • EURHUF maintains a bearish tone following this week's resumption of the downtrend. Attention is on 345.00 ahead of 343.65, Jul 31 2020 low. Initial resistance is unchanged at 351.46, May 26 high.
  • EURPLN needle still points south. The cross has resumed its downtrend this week and cleared a key support at 4.4709, Feb 10 low. This opens the 4.4500 handle that was probed yesterday and 4.4175, Dec 9 low and a key support. For bulls, initial resistance is at 4.5037, the May 27 low.
  • USDZAR sold off sharply Wednesday. This confirms a resumption of the downtrend and signals scope for weakness towards 13.2681 next, 1.500 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Initial resistance is at 13.9035, the 20-day EMA.
  • USDTRY spiked higher Wednesday reaching 8.8008 before finding resistance. The outlook remains bullish following the recent breach of a host of resistance levels that had capped gains between April 22 and May 14. The pair has also cleared 8.5793, Nov 6, 2020 high. The focus is on 8.9657 next, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing ahead of the psychological 9.00 barrier. A firm support is at 8.2941, May 18 low.
  • USDRUB outlook remains bearish following the broader reversal from the Apr 7 high. The focus is on 73.00 and 72.5385, Mar 16 low. Resistance is at 73.8575, May 24 high.

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