NBH verbal intervention
They started to worry about recent HUF strength, so they launched a verbal intervention today (without mentionning FX target NBH announced they are ready to deploy more non-conventional tools in case they see a threat to their inflation target -> Translation: if EURHUF goes lower, inflation target is in danger + some problem on reserves end of year valuation if it goes below 300-302). Yields down, and EURHUF slightly up from 302 low. Will it reverse? Not sure, but few technical signals suggest drop may come to an end.
- Ichimoku is bearish, bearish key supports are at 304 and 306.
- Heikin-Ashi is less bearish: candle today has long wicks, and haOscillator crossed up. -> some indecision
- Possible bullish wedge being formed
- MACD is bearish. EWO is bearish too, here we have to watch if starts to show bullish divergence.
Strategy: My original target was 295-300 range. But now I see it's better start reducing HUF exposure.
Cut all shorts above 304 and/or open initial swing long positions. Go long above 306.
- Ichimoku is bearish, bearish key supports are at 304 and 306.
- Heikin-Ashi is less bearish: candle today has long wicks, and haOscillator crossed up. -> some indecision
- Possible bullish wedge being formed
- MACD is bearish. EWO is bearish too, here we have to watch if starts to show bullish divergence.
Strategy: My original target was 295-300 range. But now I see it's better start reducing HUF exposure.
Cut all shorts above 304 and/or open initial swing long positions. Go long above 306.
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