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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.
EMERGING MARKETS
- EURHUF remains below Tuesday's high of 371.99. Despite the pullback, a bullish theme remains intact. Price has recently traded through resistance at 369.54, Apr 1, 2020 high. A clear break would represent an important technical breach, strengthen bullish conditions and open 372.90 next, 1.236 projection of the Nov 4 - 12 - 18 price swing. Key short-term support has been defined at 362.04. Nov 18 low.
- EURPLN failed to hold onto Tuesday's high earlier in the week. Despite the pullback, the trend outlook remains bullish. The recent breach of 4.6480, Sep 30 high, strengthens this case. The cross has also traded above 4.6800, Mar 29 high and cleared the 4.70 handle . This move higher has opened 4.7424, the 1.382 projection of the Sep 1 - Sep 30 - Oct 7 price swing. Initial support is at 4.6502, the 20-day EMA.
- USDZAR remains bullish and today's strength has resulted in a breach of the 16.00 handle. The pair is approaching 16.3815, the 50.0% retracement of the downleg between Mar 2020 - Jun 2021. A clear breach of this handle would signal scope for a climb towards 16.7193, the Oct 15 2020 high ahead of 17.0823, the 61.8% retracement. Support is seen at 15.4814, the 20-day EMA marks initial support.
- USDTRY remains below Tuesday's high of 13.4539. Price action is likely to remain volatile and perhaps even result in a very short-term retracement lower. The risk however remains skewed to the upside. In terms of support, Tuesday's low of 11.3603 is the first reference point. The bull trigger is 13.4539. Both levels represent important short-term directional triggers.
- USDRUB remains in an uptrend and the pair has gapped higher today. Resistance at 75.3497, the Jul 8 high has been cleared and the break opens the 76.00 handle and 76.5806, the Apr 22 high. Initial support is seen at 74.0639, the Nov 23 low.
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.
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