MNI China Daily Summary: Thursday, August 1

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VDMA Factory Orders Remain Weak in June

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CEEMEA FX Price Signal Summary: EURHUF Consolidates Near its

EMERGING MARKETS
  • EURHUF is consolidating closer to its recent highs. A short-term bullish theme remains in place. This follows last week’s recovery from the recent low of 366.41, on Mar 30. The climb represents an early bullish reversal signal and reinforces a positive set-up in moving average studies that continue to highlight an uptrend. An extension higher would open 383.17, the Mar 14 high and 390.15, the Mar 3 high. Key support has been defined at 366.41.
  • EURPLN is unchanged. The cross did spike lower on Apr 6 to 4.5588, before rebounding. Short-term conditions remain bearish. This follows the recent sharp sell-off from 5.0019, Mar 7 high. The 50-day EMA, and support at 4.6570, Mar 16 low, have been breached, paving the way for an extension below the 4.60 handle. Initial firm resistance is seen at 4.7867, the Mar 25 high.
  • USDZAR bearish trend conditions continue to dominate and recent gains are considered corrective. The break of support at 14.9133, Feb 17 low, in March, confirmed a resumption of the downtrend that started Nov 26 2021. Moving average studies remain in a bear mode, reinforcing the current trend direction. The focus is on 14.3542 next, the Oct 20 2021 low. Firm resistance is at 14.9830, the 50-day EMA.
  • USDTRY traded lower Mar 29. That move lower is considered corrective and bullish trend conditions remain intact. The recovery from the Mar 29 low of 14.5392 reinforces a bullish theme. Scope is seen for a climb towards 15.2645, 61.8% of the Dec 20 - 23 sell-off. The 20-day EMA, at 14.6508, has provided support. A more important short-term support lies at 14.3979, the Mar 15 low.
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