EURHUF - Counter long over, Bearish wave resumes
Private household loans conversion story is over. The local banking system got the necessary FX 7,8 bn EUR from the NBH today, and what is more important, the conversion took place at mkt rate (exactly at 308,97). This means in short term not much left to put pressure on the HUF.
Daily: Slow Stoch and MACD turning down. After Kumo retest (almost touched 311) Price is breaking back below Kijun Sen and attacking the secunder trendline. Getting closer to year end, the Hungarian Government would like to see EURHUF rate as low as possible to meet the steady Debt to GDP criteria.
Next resistances are at 302,70 (horizontal) and 301 (primer trendline). It will be possible to reach these, but from now it really depends on global risk appetite, as no local story in the pipeline.
4 Hrs: Price failed to stay above 310, Tenkan/Kijun made a weak bearish cross and Price action today ended in a Bearish Kumo breakout and trendline break. DMI turned bearish and momentum (ADX) is picking up.
Sell retests now ard 308-309.
Daily: Slow Stoch and MACD turning down. After Kumo retest (almost touched 311) Price is breaking back below Kijun Sen and attacking the secunder trendline. Getting closer to year end, the Hungarian Government would like to see EURHUF rate as low as possible to meet the steady Debt to GDP criteria.
Next resistances are at 302,70 (horizontal) and 301 (primer trendline). It will be possible to reach these, but from now it really depends on global risk appetite, as no local story in the pipeline.
4 Hrs: Price failed to stay above 310, Tenkan/Kijun made a weak bearish cross and Price action today ended in a Bearish Kumo breakout and trendline break. DMI turned bearish and momentum (ADX) is picking up.
Sell retests now ard 308-309.
