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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 soft and is trading near its recent lows. The 50-day EMA - at 360.34 - represents a key short-term resistance and trend conditions remain bearish. Attention is on 350.88, the Jan 13 low. This is a key support where a break would confirm a resumption of the downtrend and open 348.55, the Sep 16, 2021 low. A clear breach of the 50-day EMA is required to signal a possible reversal.
- EURPLN maintains a softer tone. The rejection at 4.6013, Jan 31 high, signals a resumption of the downtrend. Attention is on the 4.5088 bear trigger, Jan 20 low. A break of this level would confirm a resumption of the downtrend and open 4.5010, the Sep 1 low. Key resistance is at 4.6013.
- USDZAR remains above 15.0669, the Jan 21 low. Trendline support, at 15.0651 today, remains intact - the trendline is drawn from the Jun 7, 2021 low. This line represents a key support and a break would strengthen a bearish case and open 14.8637, the Nov 9 low. While it holds, a broader uptrend remains intact and the downleg since late November last year is considered corrective. A short-term resistance has been defined at 15.7559, the Jan 31 high. A break would be positive.
- USDTRY remains in a tight range around the 20-day EMA. The outlook is bullish and price continues to trade above the Dec 23 low of 10.2512 that also represents the key short-term support. The 50-day EMA at 12.9558 represents initial support. A resumption of gains would open 14.3729, the Dec 11 high. A breach of this level would expose 15.2645, 61.8% of the Dec 20- 23 sell-off.
- USDRUB maintains a weaker tone and is trading lower today. The pair has probed the 50-day EMA at 75.5150. This average represents a key support and a clear break, if seen, would strengthen the current bearish cycle and signal potential for weakness towards 74.3819, the Jan 12 low. The bull trigger is at 81.4155.
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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