May 10, 2022 11:16 GMT
- EURHUF maintains a firmer tone despite pulling back from yesterday’s high. The cross recovered last week from 374.42, the May 4 low. This has resulted in a climb above resistance at 382.12, the Apr 7 high. The move above this hurdle strengthens a bullish theme and signals scope for a move towards 386.95, 61.8% of the bear cycle between Mar 7 - 30. Key support has been defined at 366.41, the Mar 30 low. Initial support lies at 374.09 the 50-day EMA.
- EURPLN remains inside its current range. The outlook is bullish though. The cross confirmed a bullish breakout - on Apr 26 - of its recent tight range. The move higher is a positive development and eases a recent bearish threat. An extension higher would expose the key short-term resistance at 4.7867, the Mar 25 high. Clearance of this level would strengthen the case for bulls. On the downside, key support has been defined at 4.5588, the Apr 6 low. A break would reinstate a bearish threat.
- USDZAR maintains a bullish tone and the strong recovery last week from 15.4112, the May 4 low, reinforces this theme. 15.4112 represents key support. The pair is trading near its recent highs and sights are set on 16.3668, the Nov 26, 2021 high and the next major resistance.
- USDTRY gains are beginning to accelerate and the pair is trading higher today. Price has breached resistance at 14.9932, the Mar 11 high, and is above the 15.00 handle. Scope is seen for a climb to 15.2645, 61.8% of the Dec 20 - 23 sell-off, and 16.4488, the 76.4% retracement. Initial firm support lies at 14.7189, the May 4 low.