May 25, 2022 09:59 GMT
- The short-term outlook in EURHUF remains bullish and the recent pullback is considered corrective. A bullish price sequence of higher highs and higher lows has been established and moving average studies continue to point north. The cross on May 16, probed 391.80, 76.4% of the Mar 7 - 30 downleg. A clear break would open 399.64, the Mar 7 high and the next key resistance. Firm support is seen at 378.10, the May 10 low. Today’s gains are a positive development and highlights initial support at 380.76, yesterday’s low.
- EURPLN continues to trend lower and has traded out of its recent range. The pair has breached the 4.60 handle. A continuation lower would pave the way for a move towards support at 4.5588, the Apr 6 low. This is a key short-term support and a break would allow for a deeper retracement. On the upside, key resistance has been defined at 4.7279, the Apr 26 high.
- The current USDZAR bear cycle remains in play and the pair has traded lower again today. Price is through the 20-day EMA and attention turns to the 50-day EMA, at 15.5232 ahead of the key support at 15.4112, May 4 low. The current retracement is still considered corrective. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger.
- USDTRY is on the move again and has resumed its uptrend. Yesterday’s climb resulted in a break of the 16.00 handle and this paves the way for a climb towards 16.4488, 76.4% of the Dec 20 - 23 sell-off. A break of 16.4488 would open the 17.00 level. Initial firm support lies at 15.4492, the 20-day EMA.