May 05, 2022 10:40 GMT
- EURHUF traded lower yesterday but maintains a short-term bullish tone. The cross earlier this week challenged resistance at 382.12, the Apr 7 high. A clear break of this hurdle would strengthen a bullish theme and signal scope for a climb towards 386.95, 61.8% of the bear cycle between Mar 7 - 30. Key support has been defined at 366.41, the Mar 30 low. Initial support lies at 373.20, the 50-day EMA.
- EURPLN remains in consolidation mode. The outlook is positive though. The cross confirmed a bullish breakout - on Apr 26 - of its recent tight range. The move higher eases a recent bearish threat and an extension of gains would expose the key short-term resistance at 4.7867, the Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support has been defined at 4.5588, the Apr 6 low. A break would reinstate a bearish threat.
- USDZAR maintains a bullish tone despite this week’s pullback. A strong support zone lies at 15.3942 - 15.1917, the area between the 20- and 50-day EMAs. A clear break through this support area would signal scope for a deeper retracement. A resumption of bullish activity would open 16.2064, Tuesday’s high.
- USDTRY maintains a firmer tone - the pair traded higher Monday and above 14.8689, the Mar 24 high. Price action remains above the Mar 29 low of 14.5392 although a more important short-term support lies at 14.3979, Mar 15 low. Scope is seen for a climb towards 14.9932, Mar 11 high and 15.2645 further out, 61.8% of the Dec 20 - 23 sell-off.