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EQUITIES

Some upside extension

CZECHIA

EURCZK Continues To Test 100DMA Support

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Key takeaways from Pill

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Pill on further tightening

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EMERGING MARKETS
  • EURHUF maintains a bearish tone and is trading closer to recent lows.
    • The cross has probed 360.35, 360.35, 61.8% of the rally between Feb 2 and Mar 18.
    • This exposes at 358.65, a trendline support drawn off the Jul 31, 2020 low.
    • A break of the trendline would highlight scope for an extension of the current bear leg.
    • Resistance is at 363.87, Mar 31 high.
  • The recent pullback in EURPLN is considered corrective. Recent activity though suggests the pullback appears likely to extend.
    • A bear flag formation (continuation pattern) signals the recent consolidation is a pause on the downtrend.
    • Attention is on the 50-day EMA at 4.5697. A clear break would strengthen a bearish case and open 4.5489, 61.8% of the rally between Feb 10 - Mar 29.
    • Initial 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. Scope is seen for a pullback towards 14.3966, Feb 24 low. Initial resistance is at 15.1000, Mar 26 high. The reversal trigger for bulls is 15.5726, Mar 8 high.
  • USDTRY 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 attention is on resistance at 76.6579. Mar 24 high. This level was probed yesterday. A clear break would signal scope for an extension higher and open 77.7370, 61.8% retracement of the Nov 2020 - Mar downleg. Initial support lies at 75.2275, Mar 31 low.
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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