The HUF is going up with the line. The approach of the elections weakens it further.
-------------EURHUF LONG------------- I added two more long positions. I still think this course will take off from these levels.
After the visit of the Chinese president, there was a slight correction, and then we will continue the usual weakening of the forint. A long position can be opened again.
The EURHUF pair gave us a strong sell signal last time we made a call on it (October 13 2023, see chart below) as it made the bearish break-out below the Triangle and breached through Support 2: The price is now approaching the 1D MA200 (orange trend-line), which has been supporting since January 17. The short-term pattern is a Channel Down, a Bearish Leg...
---------------EURHUF LONG--------------- Regarding to this "exotic" currency pair I can tell I am already in a long position with 3 trades at average price 392.17. In the long run I expect more HUF weakness but first we can go lower to 385-383 area where I plan to add 2 more trades and I am finished with the whole position building and I will be waiting for...
The HUF has been in a weakening trend for a long time. The support-resistance square shown in the picture will be suitable for a bounce. The weakening continues.
The HUF continues to weaken, we will almost certainly not stop until the 400 level.
EURHUF is bearish on the 1D timeframe (RSI = 35.270, MACD = -1.570, ADX = 36.402) after being rejected on a Double Top on the R1 level (394.675). The downtrend crossed under both the 1D MA50 and 1D MA200 and is approaching the S1-S1 Zone, above the HL trendline. This is a major buy zone as the 1D RSI also touched the bottom of its Channel Down. We expect a bullish...
The EURHUF pair is on a peculiar Ascending Triangle pattern, currently supported by the 1D MA50 (blue trend-line) near the Higher Lows. The 1D RSI is on a Higher Lows trend-line of its own and as long as those hold, we are bullish, targeting 394.6500 (Resistance 1). If a 1D candle breaks and closes below the 1D MA50, we will take the small loss and open a sell...
If you like to trade exotics or Eastern EU currencies like CZK, PLN, HUF I would like to highlight the possibility of future weekness of these currencies. At the moment HUF is strengthening while the other two suffer from selling pressure. I think this is only periodical and due to only the higher interest rate of HUF but this is barely sustainable, central bank...
For the last nine months, USD/HUF has been in a downtrend erasing all gains made last year. However, I believe it could change in the second half of the year. The currency pair reached the key support level of 340 HUF per USD in April. Since then the USD price has been anchored to the level. Before the spring of 2022, the level of 350 was the key resistance...
This is the March-April, 2023 playbook , focused on four (4) markets - so far -, highlighting potentially important plays, including a longer-term position (weekly/monthly time frame). (One should never maintain more than a maximum of three (3) positions, simultaneously , as there is no possible justification for trading more than 3 instruments at the same time!...
After a five wave up there is a clearly visible three wave down. It retraces nearly 78 percent of the 1 or A wave which tells us it probably is a B wave correction. I'm waiting the price to go up in the fallowing days and it will reach new high above the 1 or A swing high.
Do to the huge gap in interest rates between the EUR and the HUF it seems like it will only be a matter of time before a bearish pattern like this were to play out. This is simply just me revisiting the chart as we have gotten both a Bearish Backtest of the old uptrend and have broken through the neckline of the Bearish Head and Shoulders.
Buy in zone: ~404-408 HUF TP: 445 HUF SL: 399 HUF Time interval ~1-3mo
A potential inverse head and shoulders pattern on the chart (not the prettiest, but whatever) and on the RSI as a possible sign of a reversal. Let's see if price can rise above the neckline around 415 HUF, if so: Buy in: above ~415 HUF TP: 433 HUF Time interval ~1-3weeks Fundamental background: The European Commission has concluded that Budapest has not...
Market corrected all the way down to the daily support zone, and may come back into the countertrend of the countertrend , then long trend may resume at the long trigger zone. Long term shorts are only below the short trigger level. Trade safe! ⚪️⚫️ -------------------------------------------------------------------------------- ANYWAY, a lot of Qs about...
EURHUF made a sharp move in the correction zone all the way down to fibo 61.8%. From here, taking back the lower green level means that the correction of the correction starts. The question is what price draws us next? We can have another wave down, or above the long trigger zone, the uptrend may resume. Fundamentals don't bother me, price tells everything, and...