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Market News Topics
February 15, 2022 11:54 GMT
CEEMEA FX Price Signal Summary: EURHUF Support Remains Exposed
EMERGING MARKETS
- EURHUF remains above 352.39, Feb 10 low. The outlook is bearish and attention is on 350.88, the Jan 13 low. This is a key support where a break would confirm a resumption of the downtrend and open 348.55, the Sep 16, 2021 low. Resistance is at the 50-day EMA that intersects at 359.16. A clear breach of the 50-day EMA would signal a possible reversal.
- Recent price action in EURPLN has defined support at 4.4828, the Feb 10 low. A bearish theme remains in place and the cross has remained below resistance at 4.6013, Jan 31 low. Attention is on the bear trigger at 4.4828 where a break would confirm a resumption of the downtrend and open 4.4503, the Jun 6 2021 low and 4.4360, the Jun 7 low from last year.
- USDZAR continues to trade closer to its recent lows. Attention is on two key support levels; the Jan 21 low of 15.0669 and 15.1217, trendline support drawn from the Jun 7, 2021 low. Both have been probed. A clear break would strengthen a bearish case and open 14.8637, the Nov 9 low. While this support zone holds and prevents a deeper sell-off, a broader uptrend remains intact and the downleg since late November last year is still considered corrective. A key short-term resistance to watch, has been defined at 15.7559, the Jan 31 high.
- USDTRY is firmer but remains in its current tight range around the 20-day EMA. The broader outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. The 50-day EMA at 13.0820 represents initial support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
- USDRUB is trading in a volatile manner. Recent activity has defined a key support at 74.2611, Feb 10 low. The set-up between the 20- and 50-day EMAs suggests the broader uptrend remains intact. A resumption of gains would signal scope for 80.4155, Jan 26 high. A break below 74.2611 however would instead expose 73.0926, the Dec 27 low.
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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