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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Differences between Russia and Saudi Arabia over baseline and volumes for any oil production cut persists, according to two OPEC sources
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/iQZZ6GbXm4
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.77% Silver: 0.98% Gold: 0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/zT774CAgDr
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.19% 🇬🇧GBP: 0.17% 🇪🇺EUR: 0.12% 🇦🇺AUD: 0.05% 🇨🇦CAD: -0.05% 🇯🇵JPY: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3xiNijIufL
  • BOJ downgrades its assessment of all nine regional economies.- Nikkei
  • According to two Russian sources, Russia's maximum oil production cut under any global agreement would be 2mbpd #OOTT
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 1.94% Germany 30: 1.69% Wall Street: 0.92% US 500: 0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vnyj3KceX3
  • Italian PM Conte states that they may relax some anti-coronavirus measures by the end of the month - BBC
  • GBP UK's Raab to prepare public for lockdown extension- Guardian
  • European Opening Calls From IG: #FTSE 5721 +0.76% #DAX 10436 +0.99% #CAC 4466 +0.52% #AEX 504 +0.65% #MIB 17535 +0.89% #IBEX 6993 +0.59% #OMX 1511 +0.75% #STOXX 2869 +0.62%
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?

2019-07-31 14:13:00
Mahmoud Alkudsi, Analyst
Share:

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

News & Analysis at your fingertips.