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EMERGING MARKETS
  • EURHUF is trading closer to recent lows and maintains a weaker tone. A key resistance has been defined at 364.4, Apr 23 high where a break is required to reinstate a bullish focus. Initial resistance is seen at 360.78, May 4 high. Attention is on further weakness ahead of support at 356.27, Apr 12 low.
  • EURPLN remains within its recent range. Attention is on resistance at 4.5931, Apr 28 high. While this level holds, a bearish theme dominates with key support and the bear trigger at 4.5203, Apr 12 low and just above 4.5202, 76.4% of the Feb 10 - Mar 29 rally. A clear break of the support would suggest scope for a deeper pullback to 4.50 and 4.4709, Feb 10 low. For bulls, clearance of 4.5931 is needed to strengthen a bullish case. This would open 4.6088, Apr 5 high, and beyond.
  • USDZAR continues to depreciate following the break to fresh trend lows late last week. The move through support at 14.1484, Apr 29 low opens 13.6235, the 1.382 Fibonacci projection of the Apr - Jun - Aug 2020 price swing. Key resistance has been defined at 14.5434, May 4 high. Initial resistance is at 14.3353, the 20-day EMA.
  • USDTRY is consolidating. Technical conditions though remain bullish. The pair traded to a fresh high of 8.4851 on Apr 26. Despite the pullback that followed, the needle still points north. Fresh gains would expose 8.5793, the Nov 6 high and an important resistance. Key support is unchanged at 7.6958, Mar 22 low. Initial firm support is 7.9886, Apr 2 low.
  • USDRUB outlook remains bearish following last week's resumption of the current bearish cycle and despite yesterday's bounce. The focus is on 73.00 and 72.5385, Mar 16 low. Resistance is at 75.3590, the May 4 high.
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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