May 12, 2022 11:10 GMT
- EURHUF maintains a firmer tone. The cross recovered last week from 374.42, May 4 low. This resulted in a climb above resistance at 382.12, the Apr 7 high. The move above this hurdle strengthens a bullish theme and signals scope for gains 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 374.53 the 50-day EMA.
- EURPLN remains inside its current range. The outlook is bullish though. The cross traded higher - on Apr 26 - and moved out of its tight range. The move higher is a positive development. An extension 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 and the strong recovery last week from 15.4112, the May 4 low, reinforces this theme. 15.4112 represents key support. Sights are set on 16.3668, the Nov 26, 2021 high and the next major resistance.
- USDTRY maintains a bullish tone following recent gains. Price has breached resistance at 14.9932, the Mar 11 high, and is above the 15.00 handle. Scope is seen for a climb towards 16.00 and 16.4488, 76.4% of the Dec 20 - 23 sell-off. Initial firm support lies at 14.7189, the May 4 low.