Free Trial

TECHS: CEEMEA FX Price Signal Summary: EURHUF Needle Still Points North

EMERGING MARKETS
  • The short-term EURHUF outlook is bullish. The strong recovery last week sets the scene for a move to 357.17 and 360.02, 50% and 61.8% retracements of the downleg between Mar 18 - Jun 10. Support to watch is at 349.85, Jun 15 low.
  • Last week's gains in EURPLN resulted in a break of both the 20- and 50-day EMAs suggesting scope for a stronger short-term recovery. A climb 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 is holding onto last week's gains and the rally that started Jun 7, remains intact. Recent developments have reinforced a bullish theme.
    • A key bear channel resistance drawn off the Apr 24 2020 high has been breached.
    • Price has also traded through 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 14.5434 next, May 4 high.
    • Initial support is seen at 13.9109, the 20-day EMA.
  • USDTRY recovered last week from support at the 50-day EMA. The EMA is considered a key support area and the bounce from it is a bullish development. Attention is 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 is at 8.2860, Jun 11 low.
  • USDRUB maintains a bearish tone following the recent break of 72.5385, Mar 16 low and short-term gains are considered corrective. Moving average studies are in a bear mode position highlighting the fact that the path of least resistance remains down. The recent break lower opens 71.0838, 76.4% retracement of the Jun - Oct 2020 rally. Resistance is at 73.6434, the 50-day EMA.

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.