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TECHS: CEEMEA FX Price Signal Summary: ZAR Rally Extends

EMERGING MARKETS
  • EURHUF traded higher yesterday but has failed to remain above 350.00. The trend is oversold and any short-term gains would allow the condition to unwind. The trend is bearish though and attention is on 345.00 ahead of 343.65, Jul 31 2020 low. Initial resistance is at 353.15, Dec 14, 2020 low and the recent key breakout level.
  • EURPLN maintains a bearish tone following last week's break of support at 4.5203, Apr 12 low and 4.5202, 76.4% of the Feb 10 - Mar 29 rally. This signals scope for a deeper sell-off towards 4.4709, Feb 10 low. For bulls, clearance of 4.5931, Apr 28 high is needed to reverse direction. Initial resistance is at 4.5256, the 20-day EMA.
  • USDZAR maintains a bearish theme and continues to trade lower. The recent move through support at 14.1484, Apr 29 low opens 13.6235, the 1.382 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Key resistance has been defined at 14.5434, May 4 high. Initial firm resistance however is at 14.1989, May 13 high.
  • USDTRY is firmer and conditions remain bullish. The recent break of 8.4851, Apr 26 high reinforces this theme. The focus is on 8.5793, Nov 6 high and an important resistance. Initial firm support is at 8.2259, May 7 low.
  • USDRUB is consolidating at recent lows. The outlook remains bearish following recent weakness and the broader reversal from the Apr 7 high. The focus is on 73.00 and 72.5385, Mar 16 low. Resistance is at 74.6670, May 12 high.
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