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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.
EMERGING MARKETS
- USDZAR is trading lower and has cleared key support at 14.3966, Feb 24 low.
- The break lower confirms a resumption of the broader downtrend that started Apr 6, 2020.
- The pair is also trading within a broad bear channel. An attempted break in March failed to deliver a bullish reversal.
- The focus is on 14.0633, 1.236 Fibonacci projection of the Apr - Jun - Aug 2020 price swing.
- Initial resistance is at 14.3966.
- EURHUF traded higher Tuesday however despite these gains, the cross remains heavy.
- Price has recently cleared a trendline support drawn off the Jul 31, 2020 low.
- Furthermore, 360.35, 61.8% of the rally between Feb 2 and Mar 18 has been breached as has 358.25, the 76.4% level.
- This highlights potential for a move towards 354.87, Feb 2 low.
- Initial resistance to watch is 360.17, Apr 8 high. The 360.50, 100D SMA and 365, 50D SMA also highlight potential resistance levels.
- EURPLN also rallied Tuesday.
- Monday's low of 4.5203 marks a key support and coincides with 4.5202, 76.4% of the Feb 10 - Mar 29 rally.
- A clear breach of this support would suggest scope for a deeper pullback to 4.50 and would open 4.4709, Feb 10 low.
- Initial resistance is 4.5751, Apr 8 high ahead of 4.6088, Apr 5 high.
- USDTRY is trading lower however a bullish theme remains intact. Attention is on key resistance at 8.4704, Mar 22 high. A break of this hurdle would open 8.5793, the Nov 6 high and an important resistance. Key support is unchanged at 7.6958, Mar 22 low.
- USDRUB is trading in an extremely volatile manner. Key directional parameters have been defined as a result of recent price activity. Key resistance is at 78.0406, Apr 7 high. This level also marks the bull trigger. Key support has been defined at 75.2275, Mar 31 low.
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.
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