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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
- EURHUF continues to climb and today the cross has cleared the 295.00 handle. This paves the way for a move to 296.77 and 300.07, the 50% and 61.8% retracements of the downleg between Mar 9 - Jun 1. Support lies at 289.03, yesterday's low.
- EURPLN remains a corrective phase. Recent gains have resulted in a break of both the 20- and 50-day EMAs suggesting scope for a stronger short-term recovery. Further upside would open 4.5500 and 4.5580, 50% of the Mar 29 - Jun 7 downleg. Support is at 4.4872, Jun 14 low.
- USDZAR is pushing higher and extending the rally that started Jun 7.
- The pair has traded above a number of key resistance levels; bear channel resistance at 14.0001, drawn off the Apr 24 2020 high and 14.0460, the 50-day EMA.
- The channel has been cleared before however if a strong rally can be maintained, this would signal a key reversal of the entire downtrend that started early Apr 2020.
- The focus is on 14.1989 next, May 13 high.
- Initial support is seen at 13.6806, Jun 14 low.
- USDTRY traded sharply lower last week. The pair tested the 50-day EMA at 8.3159 Friday and Monday and has since recovered. The EMA is considered a key support area and the bounce from it is a bullish development. Key S/T support has been defined at 8.2860, Jun 11 low. The focus is on 8.8008, Jun 2 high and the bull trigger.
- USDRUB last week cleared 72.5385, Mar 16 low reinforcing the current bear cycle. Moving average studies remain in a bear mode and this clearly highlights the fact that for now, the path of least resistance remains down. The recent break lower signals potential for weakness towards 71.0838, 76.4% retracement of the Jun - Oct 2020 rally. Resistance is at 72.8974, the 20-day EMA.
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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