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  • Bearish pressure continues to dominate in EURHUF and the cross is pressuring trendline support at 358.82. The trendline is drawn off the Jul 31, 2020 low.
    • The cross has cleared 360.35, 61.8% of the rally between Feb 2 and Mar 18. This exposes at 358.25, the 76.4% level.
    • A clear breach of both the trendline and 358.25 would highlight scope for an extension of the current bear leg and open 354.87, the Feb 2 low.
    • Resistance is at 363.87, Mar 31 high.
  • EURPLN remains on the back foot as the cross trades lower and extends the reversal from 4.6800, Mar 29 high.
    • A recent bear flag formation (continuation pattern) has been confirmed following yesterday's break lower. This reinforces the current bear leg.
    • Attention is on 4.5508, 61.8% of the Feb 10 - Mar 29 rally and 4.5202, the 76.4% level.
    • On the upside, resistance is at 4.6088, Apr 5 high ahead of 4.6364, Apr 1 high.
  • USDZAR maintains a bearish short-term tone following the recent move lower from 15.5726, Mar 8 high and the extension this week. Scope is seen for a pullback towards 14.3966, Feb 24 low. Initial resistance is at 14.8850, the 50-day EMA ahead of 15.1000, Mar 26 high.
  • USDTRY is consolidating but maintains a bullish tone with attention 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 has been defined at 7.6958, Mar 22 low.
  • USDRUB traded higher yesterday registering a high print of 78.0406 before pulling back. 77.7370, 61.8% retracement of the Nov 2020 - Mar downleg has been probed. A clear break would open 78.9651, the 76.4% retracement. 75.2275 marks support, Mar 31 low.
MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |
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