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
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
GBP/USD
Bullish
USD/JPY
Mixed
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
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
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.25%, while traders in USD/CAD are at opposite extremes with 81.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yE2TSjmEu8
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.19% Silver: 0.06% Gold: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rZbxD8wdhu
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.19% 🇪🇺EUR: 0.08% 🇨🇦CAD: 0.05% 🇬🇧GBP: -0.04% 🇳🇿NZD: -0.07% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FHGlncfROd
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: 0.28% Wall Street: 0.26% Germany 30: 0.23% France 40: 0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eJBA8flSgG
  • Sibanye triangle breakout, correct in suggesting trend continuation #Jse $JSESGL https://t.co/1FxFAUmwIB
  • European Opening Calls From IG: #FTSE 7433 +0.32% #DAX 13801 +0.42% #CAC 6094 +0.40% #AEX 631 +0.33% #MIB 24953 +0.35% #IBEX 9997 +0.40% #STOXX 3854 +0.33%
  • An old piece of mine, but I still think its relevant today: Fowl Play: Lessons from the US, EU 'Chicken' Trade War - https://www.dailyfx.com/forex/fundamental/article/special_report/2018/10/11/Fowl-Play-Lessons-from-the-US-EU-Chicken-Trade-War.html Enjoy🐔
  • Join @DavidCottleFX 's #webinar at 3:00 AM ET/8:00 AM GMT for your weekly update on the top Asia Pacific market drivers that traders should watch this week. Register here: https://t.co/HNf3Axw8s5 https://t.co/FCLErglc7z
  • RT @markets: China cuts rates, adds medium-term funds to counter virus https://t.co/mo9zSlvelK
  • RT @ReutersBiz: BOJ Kuroda says to consider more easing if virus impact becomes big: Sankei https://t.co/3nUe8w1wCX https://t.co/zYURJZPI5q
Turkish Lira Price: Bullish Signals Suggest USD/TRY May Move Higher

Turkish Lira Price: Bullish Signals Suggest USD/TRY May Move Higher

2019-08-28 14:20:00
Mahmoud Alkudsi, Market Analyst
Share:

USD/TRY Price Outlook

Check our latest Q3 forecasts for free and learn what is likely to move the markets at this time of the year.

USD/TRY – Indecisive Buyers

Yesterday, USD/TRY rallied to 5.8588- its highest level in over two months. However, the price slipped back and closed with a Doji pattern, highlighting the buyer’s hesitation to keep leading the price higher.

This week, the Relative Strength Index (RSI) climbed to 68 then remained flat after reflecting buyers lack of momentum to keep pushing the price higher at this stage.

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

USD/TRY DAILY PRICE CHART (May 28, 2018 – AUG 28, 2019) Zoomed Out

USDTRY price daily chart 28-08-19 Zoomed Out

USD/TRY DAILY PRICE CHART (May 25 – AUG 28, 2019) Zoomed In

USDTRY price daily chart 28-08-19 Zoomed in

Looking at the daily chart we notice on August 19 USD/TRY opened with upward breakaway gap, followed by a runaway gap on August 26 signalling a possible further move to the upside.

Today, the pair tests to return back to the same old trading zone 5.6550 – 5.8250. Thus, if USD/TRY closes below the high end of the zone, this could press the price to the low end. Further close below the low end may see the price trading even lower towards 5.4635. Although, the weekly support area and levels marked on the chart (zoomed in) would be worth monitoring.

In turn, a close above the high end could embolden buyers to rally the price towards 5.9617. Nonetheless, the weekly resistance levels underscored on the chart should be kept in focus. Further close above 5.9617 may cause more bullishness towards 6.1321 however, the weekly resistance levels mentioned on the chart need to be watched along the way.

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

USD/TRY Four-HOUR PRICE CHART (July 26, – AUG 28, 2019)

USDTRY price four-hour chart 28-08-19

Looking at the four-hour chart, we notice since mid- August USD/TRY has been moving to the upside creating higher highs with higher lows.

USD/TRY may resume bullish price action if breaks above 5.8628, this could cause a rally towards 5.9617. However, the weekly resistance level underlined on the chart should be monitored.

On the other hand, a break below 5.7908 could send USD/TRY towards 5.7598 although, the daily support underlined on the chart needs to be considered. See the chart to know more about the lower support levels the pair would face in a further bearish scenario.

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.