USD/HUF is staging a pullback

An engulfing pattern has developed on the USD/HUF weekly chart.

With a Friday’s close above last week’s bearish candlestick body, the bullish reversal pattern provides strong visual reinforcement that the support is solid at this level.

From a Western technical perspective, the MACD oscillator below zero and printing higher lows is indicative of an dwindling downward momentum and may lead to price-indicator divergences.

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