MNI BRIEF: Bank Of Italy Downgrades 2024 Inflation Forecast

CANADA MAR JOBLESS RATE 6.1% VS FORECAST 5.9%, PRIOR 5.8%

MNI: Canada Wages Up 5% Even With Highest Jobless Rate In 2Yrs

MNI BRIEF: Monetary, Fiscal Policy Need Harmony - Campos Neto

CORRECTED-MNI: Changing Brazil Fiscal Target Not "Plan A"

MNI BRIEF: PBOC To Curb Any Overshooting Of The Yuan-MPC

MNI: US FEB CONSUMER CREDIT +$14.1B

MNI: BAKER HUGHES US RIG COUNT 620; OIL RIGS 508; GAS RIGS 110

EZ/UK Bond Supply Calendar: EU-Bond Auction, BoE Short APF Mon

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

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

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CEEMEA FX Price Signal Summary: USDZAR Trend Condition Is Bullish

EMERGING MARKETS
  • EURHUF found support at yesterday's low. A bullish tone remains intact. The cross has tested a key near-term resistance at 360.02, 61.8% of the Mar - Jun downleg. A clear break would open 360.78, May 4 high and 363.53, the 76.4% retracement. Support is at 354.73, Jul 9 low.
  • The recent EURPLN move lower is likely a correction with a bullish outlook intact. The cross has recently breached former resistance at 4.5642, Jun 18 high. This confirmed a resumption of the uptrend that started Jun 7 and opens 4.6000 (tested recently) and 4.6224, 76.4% of the Mar 29 - Jun 7 downleg. Firm support is seen at 4.5309, Jul 15 low.
  • USDZAR is holding above support and is firmer today. The outlook remains bullish. The pair recently breached 14.5180, the Jul 2 high confirming a resumption of bullish conditions and attention is on 15.00 and 15.0627, 76.4% of the Mar 8 - Jun 7 sell-off. Key short-term support has been defined at 14.1670, Jul 6 low.
  • USDTRY is unchanged and still consolidating. Trend conditions are bullish with the focus on 8.8008, Jun 2 high. A break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing. Key support is at 8.2860, Jun 11 low.
  • USDRUB short-term trend signals are bullish and the recent pullback is considered corrective. The recent rally resulted in the break of the 50-day EMA and a number of retracement levels. This highlights a bullish theme and opens 75.5628, 61.8% of the Apr 7 - Jun 11 sell-off. The Jul 6 low of 73.1595 marks support.
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.