May 13, 2022 11:09 GMT
- The short-term outlook in EURHUF remains bullish. The cross recently found support at 374.42, May 4 low. This resulted in a climb above resistance at 382.12, the Apr 7 high and the contract is holding on to its recent gains. Potential is seen for a climb towards 386.95, 61.8% of the bear cycle between Mar 7 - 30. Initial support lies at 374.86 the 50-day EMA.
- EURPLN is unchanged and remains inside its current range. The outlook is bullish. The cross traded higher on Apr 26 and moved out of its tight range - 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 recent strong recovery 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 and is trading at its recent highs. Price has breached resistance at 14.9932, the Mar 11 high, and remains 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.