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TECHS: CEEMEA FX Price Signal Summary: Volatile USDRUB Price Action

EMERGING MARKETS
  • EURHUF traded higher again yesterday and these short-term gains place on hold the recent bearish theme. The recovery from Monday's low has defined a key support at 356.27, where a break is required to reinstate bearish pressure. Attention is on the 50-day EMA at 361.52. Clearance of the average would signal scope for a stronger recovery towards 362.35, Apr 7 high.
  • Monday's low of 4.5203 in EURPLN is 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 to 4.50 and would open 4.4709, Feb 10 low.
    • Initial resistance is 4.5751, Apr 8 high ahead of 4.6088, Apr 5 high.
  • USDZAR maintains a weaker tone following yesterday's break lower and breach of key support at 14.3966, Feb 24 low.
    • The break lower confirms a resumption of the broader downtrend that started Apr 6, 2020.
    • USDZAR is trading within a broad bear channel. An attempted break in March failed to deliver a bullish reversal. This reinforces underlying bearish trend conditions.
    • The focus is on 14.0633, 1.236 Fibonacci projection of the Apr - Jun - Aug 2020 price swing.
    • Initial resistance is at 14.3966.
  • USDTRY has traded lower this week. A bullish theme though remains intact. Attention 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 lies at 7.9886, Apr 2 low.
  • USDRUB continues to trade in a volatile manner. Key directional parameters have been defined as a result of recent price activity:
    • Resistance is at 78.0406, Apr 7 high. This level also marks the bull trigger.
    • Key support has been defined at 75.2275, Mar 31 low.
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