News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Technical Levels: #Dollar, #Aussie, #Loonie, #Gold, #Silver, #Oil, #Bitcoin & More!! (Webinar Archive) - https://t.co/tbSdlhqwbP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.59%, while traders in France 40 are at opposite extremes with 79.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2ztlwRMCsR
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.10% Silver: -0.17% Oil - US Crude: -3.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Mc50z2D90D
  • US Dollar Index (DXY) moves within 0.5% of its 2021 high. The DXY index is displaying conflicting technical signals. Get your $USD market update from @FxWestwater here:https://t.co/5a4YkhwBwk https://t.co/sMmBAcQzP2
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.44% 🇦🇺AUD: 0.20% 🇪🇺EUR: 0.04% 🇳🇿NZD: -0.06% 🇬🇧GBP: -0.18% 🇨🇦CAD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XXzkPbgClH
  • The US 10 Year Treasury yield has continued to decline, now at 1.15% $ZN #Trading https://t.co/HdcjskFwi3
  • Crude oil getting whacked today with prices down -4% on the session. Currently probing its 50-day moving average with subsequent support appearing at the psychological $70.00/bbl level before traders eye July lows. Link to Analysis - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/07/31/crude-oil-forecast-price-action-mired-by-shaky-risk-appetite.html #OOTT $CL_F $USO https://t.co/1CkmlXdPQa
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.08% Wall Street: 0.04% FTSE 100: -0.17% France 40: -0.19% Germany 30: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hke8hL7JK2
  • The recent decline in USD/CAD appears to be stalling as it struggles to extend the series of lower highs and lows from the previous week. Get your $USDCAD market update from @DavidJSong here:https://t.co/937N1stI8E https://t.co/M85BaWAn4a
  • Nasdaq levels I outlined this morning and will be watching throughout the week following the 'goldilocks' manufacturing report from @ISM. Risk appetite now focused on covid trends + services PMI and NFPs due. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/08/02/nasdaq-fluctuates-following-rosy-ism-manufacturing-report.html $NDX $QQQ #StockMarket https://t.co/RrMlnb8deB
USD/TRY Price Outlook: Turkish Lira Probs Multi-Months High –What is Next?

USD/TRY Price Outlook: Turkish Lira Probs Multi-Months High –What is Next?

Mahmoud Alkudsi, Analyst

USD/TRY Price Forecast

Did you check our EUR and US Dollar forecasts? Download for free Q3 main currencies and commodities trading guides

USD/TRY – Sellers in Charge

On Thursday USD/TRY spiked and rebounded nearby the July 12 high at 5.7080 then closed with a Doji pattern, indicating to the buyer’s indecision at this stage. On the following day, the sellers took advantage of the buyer's hesitation and pressed the price to its lowest in over a week.

Last week the Relative Strength Index (RSI) could not cross above 50, reflecting the buyers lack of momentum to start uptrend move. This week, the oscillator dropped from 41 to 32 emphasizing the seller's domination.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

USD/TRY DAILY PRICE CHART (JuNe 3, 2018 – JULY 31, 2019) Zoomed Out

USDTRY price daily chart 31-07-19 Zoomed Out

USD/TRY DAILY PRICE CHART (May 7 – JUL 31, 2019) Zoomed In

USDTRY price daily chart 31-07-19 Zoomed in

Looking at the daily chart we notice, on Monday USDTRY moved to the lower trading zone 5.4635 – 5.6550 and currently eyes a test of the low end of this zone. Hence, a close below the low end of the zone may send the price towards 5.3033. However, the weekly support levels marked on the chart (Zoomed in) need to be watched along the way.

On the flip-side, any failure to close below the low end of this zone could push the price towards the high end. Further close above the high end may cause more bullishness towards 5.8250. Although, the weekly resistance zones highlighted on the chart ( zoomed in) should be kept in focus.

Just getting started? See our Beginners’ Guide for FX traders

USD/TRY Four-HOUR PRICE CHART (July 8, 2019 – JuL 31, 2019)

USDTRY price four-hour chart 31-07-19

Looking at the four-hour chart we notice, on July 26 USD/TRY started a downtrend creating lower highs with lower lows. Yesterday, the downtrend accelerated after breaking below the July 4 low at 5.5849 and today the pair printed its lowest level in nearly three months.

Hence, a break below 5.4786 could send the price towards 5.4262 contingent on clearing the low end of the aforementioned trading zone. Additionally, the daily support level underlined on the chart should be considered.

On the other hand, if the down trend corrects higher then a break above 5.5970 may cause a rally towards the high end of the current trading zone. Nonetheless, the daily resistance level underscored on the chart needs to be monitored. See the chart to know more about the next significant resistance above mentioned levels.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES