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Market News Topics
March 02, 2022 11:42 GMT
CEEMEA FX Price Signal Summary: EURHUF And EURPLN Trade Higher
EMERGING MARKETS
- EURHUF rallied yesterday and bulls have not looked back today as the cross again pushes higher. This week’s rally has resulted in a break of key resistance at 371.99, the Nov 23 high. The move above this level reinforces current bullish conditions and paves the way for a climb towards 383.40 next, the 2.764 projection of the Jan 13 - 24 - Feb 10 price swing. Support is seen at 371.99.
- EURPLN is trading higher again today. This week’s climb has resulted in a break of key resistance at 4.7416, the Nov 23 high. This has strengthened the bullish condition and sets the scene for a climb towards 4.9307, the Feb 2009 high. Support is seen at 4.7416.
- USDZAR remains above recent lows and is trading closer to its recent highs. The pair has recently challenged the Feb 10 low of 14.9815 plus a trendline support drawn from the Jun 7, 2021 low that today intersects at 15.2162. Price has yet to extend lower though and reinforce the bearish significance of a breach of these levels. A break of 14.9133, Feb 17 low, would likely trigger a stronger sell-off. Key resistance to watch is at 15.7559, the Jan 31 high.
- USDTRY remains below last week’s high of 14.6462 (Feb 24). The pair last week breached the top of its range and this highlights potential for a climb towards 15.2645, 61.8% of the Dec 20- 23 sell-off. Support is at 13.6939, the 20-day EMA.
- USDRUB is trading, unsurprisingly, in a volatile manner. It remains difficult to perform any meaningful price analysis under current conditions however, some potential support levels can be noted that may provide a clue with respect to market sentiment.
- Friday’s high of 88.2670 is seen as a support and marks the gap low that has been created on the daily chart. Markets tend to fill gaps so it will be interesting to see when this gap is filled.
- The area between the 20- and 50-day EMAs - 81.9008 to 78.3379 - represents a key support zone. The moving average set-up highlights an uptrend and any pullback ahead of the EMAs would initially be considered a correction.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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