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Free AccessPositive HUF Retracement Generates Strong Support For Equities
- The aggressive NBH response to the HUF weakness in the beginning of the month combined with the recent USD consolidation have been supporting the forint in the past week.
- EURHUF has been testing its 50DMA at 396.90 in recent days; a break below that level would open the door for a move down to 393.20.
- The fall in price volatility combined with the HUF strength have been boosting Hungarian equities to the upside.
- BUX index broke above its 100DMA yesterday and is currently testing its 42,100 resistance, which corresponds to the 23.6% Fibo retracement of the 37,728 – 56,233 range).
- Next level to watch on the topside stands at 44,800 (38.2% Fibo).
- On the downside, support to watch below 41,503 (100DMA) stands at 40,176 (50DMA).
Source: Bloomberg
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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.