EUR HUF

EURHUF Currency pair flag

Latest EUR HUF Analysis

G10 FX Monthly Candlesticks June 2019

Summary of the June monthly candlestick, along with trending & momentum developments across G-10 FX and implications for months ahead.

EURUSD

  • Monthly Candle: Strong bull candle with close above April & May highs. Large body shows strong sentiment.
    • Implication: Trimming losses after April/May show indecision through long legged Doji and Spinning Top patterns. Confirms a pause in the ongoing 2018 decline.
  • Trending: 12 month MA @ 1.1364, continues to fall.
  • Momentum: RSI (9) @ 42. Stochastics (10-6-3) positively aligned, rising out of oversold.
  • YTD Return: -2.78%
EURUSD Chart June 2019

GBPUSD

  • Monthly Candle: Spinning top formation in June after May’s large body selloff.
    • Implication: Market pauses and downside momentum fades after it stages a strong bear move.
  • Trending: 12 month MA @ 1.2885, continues to fall.
  • Momentum: RSI (9) @ 36. Stochastics (10-6-3) negatively aligned, falling towards oversold.  
  • YTD Return:  -1.51%
GBPUSD Chart June 2019

USDCHF

  • Monthly Candle: Long bear body in June after May’s Marubozu Shaven Bottom. Prices close at its lowest since September 2018.
    • Implication: Bearish pressures continued in June. Market rejects Jan low and suggests bulls still alive.
  • Trending: 12 month MA @ 0.9924, flat.
  • Momentum: RSI (9) @ 49. Stochastics (10-6-3) negatively aligned, falling towards neutral.
  • YTD Return: +1.72%
USDCHF Chart June 2019

NZDUSD

  • Monthly Candle: Bullish Marubozu candle closing above May’s high. Market continues to hold key psychological figure of 0.65.
    • Implication: Bulls take control as market tries to approach 2018 lows, stalling the overall negative bias.
  • Trending: 12 month MA @ 0.6704, continues to fall.
  • Momentum: RSI (9) @ 44. Stochastics (10-6-3) negatively aligned, flat and neutral.
  • YTD Return: -1.45%
NZDUSD Chart June 2019

AUDUSD

  • Monthly Candle: Bullish Hammer Candle, however, body about the same size of shadow. Prices stall at the 23.6% fibo at 0.6829 of the 2019 rally.
    • Implication: Market halts further declines after April/May weakening. Large shadow suggests strong bull interest at lower levels.
  • Trending: 12 month MA @ 0.7166, continues to fall.
  • Momentum: RSI (9) @ 38. Stochastics (10-6-3) positively aligned, flat and neutral.
  • YTD Return: -1.31%
AUDUSD Chart June 2019

USDJPY

  • Monthly Candle: Doji candle in June after May’s bearish Marubozu Shaven Bottom. June touches lowest since Jan flash crash at 106.78.
    • Implication: Indecision candle stalls losses. Market generally balance but bears have some control over bulls.
  • Trending: 12 month MA @ 110.64, begins to turn lower.
  • Momentum: RSI (9) @ 41. Stochastics (10-6-3) negatively aligned, falling through neutral.
  • YTD Return: -2.42%
USDJPY Chart June 2019

USDCAD

  • Monthly Candle: Large negative Marubozu candle. Closes at its lowest since October 2018.
    • Implication: Recent rally in danger as sellers take control of the market and hold onto key close. They keep the sideways picture intact.
  • Trending: 12 month MA @ 1.3229, flat.
  • Momentum: RSI (9) @ 48. Stochastics (10-6-3) negatively aligned, falling towards neutral.
  • YTD Return: -0.03%
USDCAD Chart June 2019

USDNOK

  • Monthly Candle: Large negative candle in June. First losing month since January.
    • Implication: Multiple failures of a close above resistance c.8.80 causes sellers to attack and keep pair from breaking out of long term range.
  • Trending: 12 month MA @ 8.5205, continues to rise.
  • Momentum: RSI (9) @ 55. Stochastics (10-6-3) negatively aligned, falls out of overbought.
  • YTD Return: -1.74%
USDNOK Chart June 2019

USDSEK

  • Monthly Candle: Negative candle in June after May’s Gravestone Doji. First losing month since January-similar to USDNOK.
    • Implication: Buyers lose control after failing multiple time to close above 9.50. For now, reversal pattern take steam out of the 1 and a half year bull run.
  • Trending: 12 month MA @ 9.1918, continues to rise.
  • Momentum: RSI (9) @ 60. Stochastics (10-6-3) negatively aligned, falls out of overbought.
  • YTD Return: +10.77%
USDSEK Chart June 2019

DXY

  • Monthly Candle: Long bear candle. Buyers struggled to push prices above the open. Market fails at 61.8% fib level of the 2017-2018 decline at 97.83.
    • Implication: Upside continuation paused by sellers, keeping it within the 2019 range.
  • Trending: 12 month MA @ 96.23, continues to rise.
  • Momentum: RSI (9) @ 53. Stochastics (10-6-3) negatively aligned, falls out of overbought.
  • YTD Return: +1.3%

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Other major currency pairs


BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.


EUR/HUF – Live and Historical Rates

In this currency pair, the EUR is a major, while the HUF is not. The pair itself isn’t considered to be a major, nor is it a commodity pair. The above chart illustrates the amount of HUF one needs to purchase a EUR.  

The EUR

Officially used by 21 countries, the EUR is the currency of the world’s largest economy, the Eurozone. It is also the second most traded currency as well as the second largest reserve currency. Despite its undeniable success (the EUR is the largest circulation currency in the world as a vehicle of value) doubts about its viability persist 18 years after its introduction. The economic disparities within the Eurozone as well as the diversity of the countries included therein, have exposed a series of potentially fatal flaws with the common currency.

The HUF

The Hungarian Forint is the last circulating currency that was associated with a socialist state. Though in its current form, the currency was introduced in 1946, its roots reach much further back, all the way to the 1300s. Up until 2008, the HUF was pegged to the EUR. Since then, it has been floating. As an EU member, Hungary is compelled by treaty to eventually replace the HUF with the EUR, although appetite for such a move has subsided since the 2008 financial crisis. While some say Hungary is set to convert to the EUR in 2020, there are signs that its government is seriously considering further postponement. According to Prime Minister Viktor Orban, Hungary won’t join the EUR for several decades to come.

EURHUF Analysis

Due to geographical proximity and close economic cooperation between Hungary and the Eurozone, the HUF and the EUR are highly correlated. As said above, the latter is supposed to eventually replace the former at some point.

The factor with the biggest impact on the pair is the price of basic commodities, such as construction materials and heavy metals.