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
GBP/USD
Bullish
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Palladium Vastly Outperformed Gold Prices in 2019. Is it Topping? - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/24/Palladium-Vastly-Outperformed-Gold-Prices-in-2019.-Is-it-Topping.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #xpdusd #PALLADIUM
  • My trading video for today: 'Dow Winds Up Despite #Earnings Run, Watch $EURUSD with #ECB, Brexit Anticipation' https://www.dailyfx.com/forex/video/daily_news_report/2019/10/24/Dow-Winds-Up-Despite-Earnings-Run-Watch-EURUSD-with-ECB-Brexit-Anticipation.html?utm_source=Twitter&utm_medium=Kicklighter&utm_campaign=twr
  • The #Euro has mounted an impressive rally against the US Dollar, moving to challenge the bounds of the trend leading it lower since mid-2018. Get your $EURUSD market update from @IlyaSpivak here: https://t.co/fIkLmThWMK https://t.co/W7QwuWhrTg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.95%, while traders in US 500 are at opposite extremes with 78.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2j4Lx7rVLT
  • #BRL, #ZAR and #GBP are expected to be the most-active majors versus #USD with one-week implied volatility at 13.55, 13.13 and 11.17 respectively
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.03% 🇨🇦CAD: -0.05% 🇦🇺AUD: -0.10% 🇳🇿NZD: -0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Fy3dfUZ2kK
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% US 500: 0.08% Wall Street: 0.06% Germany 30: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/J8oNDusqYy
  • #DAX: Currently the market is trying to push beyond the reversal-day high, but if it does the December t-line and a minor swing-high from July 2018 stand in a way of a further advance. Get your DAX technical analysis from @PaulRobinsonFX here: https://t.co/1Yus7TddGo https://t.co/jiwN6z3TFB
  • #AUD and #NZD are modestly lower while #CHF and #JPY are modestly higher, suggesting market sentiment is favoring a risk-off tilt
  • The British Pound may be at risk of losing upside momentum against the US Dollar and Japanese Yen as #Brexit limbo fuels a shift in $GBPUSD and $GBPJPY contrarian trading outlooks. Get your market update from @ddubrovskyFX here: https://t.co/hHcAFEzO3X https://t.co/24vKxDohDI
Turkish Lira Technical Forecast: USD/TRY Price -Back to the Consolidation Zone

Turkish Lira Technical Forecast: USD/TRY Price -Back to the Consolidation Zone

2019-10-02 13:33:00
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 – Stuck in a Trendless Move

Recently, USD/TRY has started a sideways move creating a higher low at 5.6606 with a lower high at 5.7509. On Monday, the pair declined to its lowest level in six weeks at 5.6380 however, the price rallied and returned back to the same trendless pattern.

The Relative Strength Index (RSI) remained flat since mid-Sep highlighting the sellers and buyer’s lack of impulse to lead the price in a clear direction.

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

USD/TRY DAILY PRICE CHART (May 28, 2018 – Nov 2, 2019) Zoomed Out

USDTRY price daily chart 02-10-19 Zoomed out

USD/TRY DAILY PRICE CHART (July 5 – Nov 2, 2019) Zoomed In

USDTRY price daily chart 02-10-19 Zoomed in

Looking at the daily chart, we notice since Sep 4 USD/TRY has rebounded in multiple occasions nearby the low end of the trading zone 5.6550- 5.8250.

Yesterday, USDTRY closed above the low end of the zone and 50day average. Thus, the price may be on its way for a test of the high end of the zone contingent on clearing the Sep 11 high underscored on the chart (zoomed in). Further close above the high end may open the door for more bullishness towards 6.1321. Although, the weekly resistance levels underlined on the chart should be kept in focus.

That said, any close below the low end of the zone could see USDTRY trading towards 5.4635. In that scenario the weekly support area and levels marked on the chart should be watched along the way.

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

USD/TRY Four-HOUR PRICE CHART (Aug 8, – Nov 2, 2019)

USDTRY price four-hour chart 02-10-19

From the four-hour chart, we notice today USD/TRY tested its highest level in nearly three weeks then rebounded from the uptrend line originated from the Aug 8 low at 5.4508.

Hence, a break above 5.7922 may send USDTRY towards 5.8507. However, the high end of the aforementioned trading zone would be worth monitoring.

On the flip side, a break below 5.6216 could resume bearish price action towards 5.5459. Nevertheless, the weekly support level underscored on the chart should be watched closely.

See the chart to know more about the higher/lower technical levels in a further bullish or bearish move.

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.