MNI: Japanese Govt Keeps Econ View, Ups Imports, Manufacturing

MNI: End Of Deflation, Zero Lower Bound In Sight - BOJ's Uchida

MNI: China CFETS Yuan Index Up 0.33% In Week of May 24

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1091 Mon; -2.80% Y/Y

EZ/UK Bond Supply Calendar: NE, IT and DE Auction Due Tuesday

EZ/UK T-Bill Calendar: Greece and Italy To Sell Bills Weds

MNI: BELGIUM MAY BNB BUSINESS SURVEY -11

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

CEEMEA FX Price Signal Summary: USDZAR Approaches Its Key Bear Channel Resistance

EMERGING MARKETS
  • EURHUF is trading closer to its recent lows having pulled back from the Apr 7 high of 382.12. This recent price action has defined 382.12 and 366.41, the Mar 30 low, as key short-term directional triggers. From a trend perspective, the direction is up and a breach of 382.12, would reinforce this set-up. Weakness through 366.41 though would instead be a bearish development.
  • EURPLN remains range bound as the cross continues to consolidate. Price did spike lower on Apr 6 to 4.5588, before rebounding. Short-term conditions remain bearish, following the recent sell-off from 5.0019, Mar 7 high. The 50-day EMA, and a support at 4.6570, Mar 16 low, have been breached, paving the way for an extension below the 4.60 handle. Initial firm resistance is unchanged at 4.7867, the Mar 25 high.
  • USDZAR traded sharply higher Tuesday. This week’s gains have resulted in a break of 14.8132, the Apr 7 high and a move above the 50-day EMA. This has exposed 15.1162, the top of a bear channel drawn from the Dec 15 2021 high of 16.2651. The channel top represents a key short-term resistance. Key trend support lies at 14.4025, the Mar 31 low.
  • USDTRY price action remains above the Mar 29 low of 14.5392. A more important short-term support lies at 14.3979, the Mar 15 low. The outlook is bullish and scope is seen for a climb towards 14.9932, the Mar 11 high and 15.2645 further out, 61.8% of the Dec 20 - 23 sell-off.
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.