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Consolidation Mode But Remains Bearish


Fails To Hold Onto Thursday’s High


'Big Tech' Bill Goes To Senate


Oil Up For Fifth Week On Supply Disruption, Geopolitics

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  • EURHUF continues to recover having recently bounced from 360.99, the Dec 2 low. The move suggests scope for a climb towards key resistance at 371.99, the Nov 23 high where a break would confirm a resumption of the uptrend. Key support and the bear trigger has been defined at 360.99, Dec 2 low.
  • EURPLN continues to consolidate near recent lows and the short-term outlook still appears bearish. This follows last week’s strong selling pressure that resulted in a break of the 20- and 50-day EMAs. The move lower has exposed 4.5699, the Nov 3 low. Initial firm resistance is 4.6589, the Dec 1 high. A break would ease the bearish threat.
  • USDZAR bullish trend conditions remain in place. The recent pullback is considered corrective. A break of 15.7381, the Dec 1 low would suggest scope for an extension of this corrective cycle and open the 50-day EMA at 15.3953. On the upside, the bull trigger is at 16.3668, the Nov 26 high. A breach would confirm a resumption of the uptrend and expose 16.3815, 50.0% of the downleg between Mar 2020 - Jun 2021.
  • USDTRY is unchanged and is consolidating near recent highs. The path of least resistance remains up with the 14.00 handle exposed. The 20-day EMA at 12.1913 is an initial support.
  • USDRUB remains below recent highs. Recent dips are considered corrective and the most recent recovery from 73.3150, Dec 3 low, provides an early signal of a resumption of the uptrend. Further gains would expose 75.9190, the Nov 26 high and the bull trigger. A move below 73.3150 however would instead open the 50-day EMA at 72.9678.