MNI: China CFETS Yuan Index Up 0.03% In Week of May 31

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

MNI: PBOC Sets Yuan Parity Lower At 7.1086 Mon; -1.90% Y/Y

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

CHINA SETS YUAN CENTRAL PARITY AT 7.1086 MON VS 7.1088

MNI BRIEF: China Utility Prices Should Be Reasonable

South Korea/Taiwan PMIs Point To Improved Global Trade Backdrop

MNI BRIEF: Japan Q1 Capex Down Q/Q; GDP Seen Revised Lower

Q1 Capex Falls, Company Profits Firmer

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 Resistance Holds For Now

EMERGING MARKETS
  • EURHUF maintains a firmer tone. The cross has this week cleared the 50-day EMA and resistance at 352.11, Aug 27 high. The focus is on 356.48 next, 61.8% of the Jul 26 - Sep 6 sell-off. Firm support has been defined at 348.55, Sep 16 low. Initial support is seen at 351.94, the 50-day EMA.
  • EURPLN is pulling back from yesterday's high of 4.6341. Despite this, a S/T bullish theme remains intact and dips are considered corrective. This week's move above the 4.6000 handle and resistance at 4.6017, Jul 20 high signals scope for an extension of the bull phase. Note too that 4.6224, 76.4% of the Mar 29 - Jun 7 downleg has also been breached. This opens 4.6800, Mar 29 high. The 50-day EMA at 4.5593 is seen as firm support.
  • USDZAR has this week tested resistance at the former bull channel base drawn from the Jun 7 low - the line intersects at 14.9198 today. Note too that 61.8% of the Aug 20 - Sep 10 downleg intersects at 14.8864 and this also represents a key short-term resistance. These chart points have provided resistance and the pair has pulled back from recent highs. Initial support is at 14.5544, the 50-day EMA. A clear break of this average would signal scope for a deeper pullback towards 14.3835, Sep 16 low. For bulls, a break of Tuesday's 14.8962 high would resume the uptrend and open 15.0807, 76.4% of the Aug 20 - Sep 10 sell-off.
  • USDTRY is consolidating. The pair however maintains a firmer tone above 8.6000 and is holding onto the bulk of its recent gains. The recent climb signals scope for a move towards key resistance at 8.8008, Feb 2 high. This also marks the top of the current broad range. For bears, weakness below 8.2642 - the range base and Sep 2 low - is required to confirm a resumption of bearish pressure. Initial support is at 8.5016, the 20-day EMA.
  • USDRUB remains above 72.2462, Sep 15 low. A break of this support would resume bearish pressure and open 72.0405, Jun 25 low ahead of key support at 71.5542, Jun 11 low. Key near-term resistance is at 73.6208, Sep 20 high. A clear breach would open 74.5861, Aug 20 high.
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.