MNI: WILLIAMS SAYS JOBS DATA CONSISTENT WITH SLOWING ECONOMY

MNI BRIEF: US Aug Jobs Confirm Fed Rate Cut; U-Rate 4.2%

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, JULY -86K

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, JULY -86K

MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

EZ/UK Bond Supply Calendar: EU Syndication; BoE APF Due Monday

CANADA AUG IVEY PURCHASING MANAGERS INDEX 48.2 SA

US AUG AVERAGE HOURLY EARNINGS +0.4% Vs JUL +0.2%; +3.8% YOY

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CEEMEA FX Price Signal Summary: USDTRY Still Testing The Key 16.4488 Fibonacci Retracement

EMERGING MARKETS
  • The short-term outlook in EURHUF remains bullish and recent gains have reinforced the current uptrend. Moving average studies are in a bull mode and attention is on 399.64, Mar 7 high and the next key resistance. Firm support is seen at 380.76, May 24 low. A break of this level would be seen as a bearish development.
  • EURPLN remains in bear mode and the cross is trading closer to its recent low. Price is through the 4.60 handle - a clear breach of this level and a continuation lower signals scope for a deeper pullback. Scope is seen for weakness towards the 4.50 handle and support at 4.4826, the Feb 16 low. Key resistance has been defined at 4.6464, Apr 26 high. Initial resistance is at 4.6490, the 50-day EMA.
  • The current USDZAR bear cycle remains in play. The pair has traded below both the 20- and 50-day EMAs and attention is on key support at 15.4112, May 4 low. The current retracement is still considered corrective though. A reversal higher would refocus attention on 16.3237, May 16 high and the bull trigger. Note however that a break of 15.4412 would expose 15.1364, 61.8% of the Mar 31 - May 16 bull leg.
  • USDTRY continues to trade at its recent highs. The pair maintains a bullish tone following recent gains and the break of the 16.00 level. Attention is on 16.4488 (76.4% of the Dec 20 - 23 sell-off) that has been tested. A clear break of this level would open the 17.00 handle. Initial firm support lies at 15.8021, the 20-day EMA.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

To read the full story

Close

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.