EMERGING MARKETS: CEEMEA FX Price Signal Summary: USDZAR Approaches Key Resistance
Jun-30 11:12
- EURHUF trend conditions remain bullish despite this week’s pullback and the brief print below 393.89, Jun 22 low. The cross traded to a fresh trend high Monday of 404.76, to confirm a resumption of the uptrend and maintain a bullish price sequence of higher highs and higher lows. Moving average studies also point north and the focus is on the 410.00 handle. On the downside, a deeper pullback would expose the 50-day EMA at 389.97.
- EURPLN continues to trade above last week’s low of 4.6262 (Jun 21). Price also remains below key resistance at 4.7279, Apr 26 high and 4.7446, the Jun 16 high. A clear breach of this resistance zone is required to strengthen bullish conditions and would open 4.7867, the Mar 25 high. Weakness below 4.6262 would instead highlight a short-term bearish development and attention would turn to the 4.6000 level and the key short-term support at 4.5599, May 30 low.
- USDZAR continues to climb and is approaching key resistance at 16.3237, the May 16 high and a bull trigger. A break of this hurdle would confirm a resumption of the bull cycle that started late March. This would open major resistance at 16.3668, the Nov 26 2021 high. Key support has been defined at 15.7179, the Jun 15 low.
- USDTRY is consolidating. The pair reversed direction last Friday and traded lower on Monday, before recovering from the session low. The move down highlights the first real threat to the uptrend that started Dec 23 2021. Monday’s move lower means the 50-day EMA, at 16.2304, has been tested for the first time since the Dec low. The EMA has so far provided support. It represents an important pivot area and a clear break would signal scope for a deeper pullback. Key resistance is at 17.4446, the Jun 22 high.
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LIBOR: JAPAN FIX - 31/05/22
May-31 11:01
- JY0001M -0.05553 0.00000
- JY0003M -0.01754 0.00000
- JY0006M 0.03220 0.00000
LIBOR: US FIX - 31/05/22
May-31 10:59
- US00O/N 0.82200 -0.00357
- US0001M 1.11986 0.05829
- US0003M 1.61071 0.03028
- US0006M 2.10600 0.03714
- US0012M 2.74000 0.04243
EUR: Broader base selling
May-31 10:58
- EUR sees another round of selling at session low against the USD, AUD, CAD, CHF and CNH.
- Initial small support for EURUSD is at Friday's low 1.0697, and a break below the latter would open to 1.0643
