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Positive HUF Retracement Generates Strong Support For Equities

HUNGARY
  • 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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  • 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