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
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
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Your psychology has a significant impact on the decisions you make, particularly if you are new to trading. How can you avoid your emotions from turning you into a #FOMO trader? Find out: https://t.co/FC7CHpk9vA #FOMOintrading https://t.co/WSDr3JkpAG
  • $AUDUSD: Short-term support could lead-in to a quick bounce up to resistance as taken from another prior support level, plotted around the .6830 level on the chart. Get your market update from @JStanleyFX here: https://t.co/tUoe1Roo5t https://t.co/omaDxGNhZU
  • Central bank independence has several advantages. Find out what they are in detail with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/cQQmuH8biQ
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
Turkish Lira Price Forecast: USD/TRY Nearing the Next Test

Turkish Lira Price Forecast: USD/TRY Nearing the Next Test

2019-09-11 14:55:00
Mahmoud Alkudsi, Market Analyst

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 – Buyers Still in Charge

On Sep 4, USD/TRY reversed direction after rebounding from its lowest level in nearly two weeks creating a higher low at 5.6485. The price rallied at the start of this week highlighting that the uptrend momentum is still on.

Alongside this the Relative Strength Index (RSI) U-turned from 43 and crossed 50 again indicating that buyers were not done yet.

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

USD/TRY DAILY PRICE CHART (May 28, 2018 – SEp 11, 2019) Zoomed Out

USDTRY price daily chart 11-09-19 Zoomed Out

USD/TRY DAILY PRICE CHART (May 1– Sep 11, 2019) Zoomed In

USDTRY price daily chart 11-09-19 Zoomed in

Looking at the daily chart, we notice on Friday USD/TRY rallied eying a test of the high end of current trading zone 5.6550 – 5.8250.

Thus, a close above the high end of the zone could push USDTRY towards 5.9617. Further close above this may see the price trading even higher towards 6.1321. That said, buyers need to pay a close attention to the weekly resistance levels underlined on the chart (zoomed in).

On the other hand, any failure to close above the high end of the zone, could change the pair’s course sending it back towards the low end. Further close below the low end may cause more bearishness towards 5.4635. Although, the weekly support area and levels marked on the chart should be kept in focus.

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

USD/TRY Four-HOUR PRICE CHART (Aug 8, – Sep 11, 2019)

USDTRY price four-hour chart 11-09-19

From the four-hour chart, we notice yesterday USD/TRY rebounded from the uptrend line originated from the August 4 low at 5.4508. Hence, the pair may need to overtake this trendline to continue bullish price action.

Thus, a break above 5.8000 handle could push the price towards 5.8589. Although, the high end of the aforementioned trading zone needs to be considered. See the chart to know more about higher resistance levels USDTRY would encounter in a further bullish scenario.

In turn, a break below 5.7365 may press USDTRY towards 5.6621. Nonetheless, the daily support level underlined on the chart should be monitored. See the chart to know more about lower support levels the price would encounter in a further bearish move.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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


News & Analysis at your fingertips.