MNI BRIEF: Fed's Goolsbee Sees Jobs Risk From Tight Policy

MNI BRIEF: Investors Saw BOC Cutting to 3% By Q3 2025

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, MAY -29,000

MNI China Daily Summary: Friday, August 2

MNI China Press Digest Aug 2: Hukou, Property, State Grid

MNI: PBOC Sets Yuan Parity Higher At 7.1376 Fri; -0.90% Y/Y

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 482; GAS RIGS 98

EZ/UK Bond Supply Calendar: BoE APF Operation on Monday

EZ/UK T-Bill Calendar: Germany, Netherlands, France Due Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Tech Focus: CEEMEA FX Price Signal Summary: USDTRY Near Recent Highs

EMERGING MARKETS
  • EURHUF is unchanged and continues to consolidate following a recent retracement of part of last week's sell-off. The cross remains vulnerable. The recent extension lower has exposed 345.14, Jun 10 low and a key support plus bear trigger. On the upside, key short-term resistance has been defined at 356.57, Jun 22 high.
  • The rally in EURPLN between Jun 7 - 18 resulted in a break of both the 20- and 50-day EMAs suggesting scope for a stronger short-term recovery. The recent pullback is considered corrective. A resumption of strength would open 4.5868, 61.8% of the Mar 29 - Jun 7 downleg and 4.5931, Apr 28 high. Support is at 4.4872, Jun 14 low.
  • USDZAR outlook remains bullish and the pair is trading above recent lows. A key bear channel resistance drawn off the Apr 24 2020 high was cleared recently. The channel has been cleared before, however if the current rally extends, this would signal a significant reversal of the downtrend that started early Apr 2020. Attention is on 14.5434 next, May 4 high. Initial support is seen at 14.0212, the Jun 25 low.
  • USDTRY is consolidating and trading closer to recent highs. Trend conditions remain bullish. Sights are set on 8.8008, Jun 2 high and the bull trigger where a break would open 8.9657, 2.00 projection of the Feb 16 - Mar 9 - Mar 19 price swing. Key support lies at 8.2860, Jun 11 low. Initial support is at 8.5986, Jun 23 low.
  • USDRUB is firmer however a bearish tone remains intact. This follows the recent break of 72.5385, Mar 16 low. The focus is on 71.0838, 76.4% retracement of the Jun - Oct 2020 rally. Resistance is at 73.3855, the 50-day EMA. A strong break of the EMA would potentially alter the picture.
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.