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
Bearish
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
Bearish
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
USD/JPY
Bearish
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
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • 🇺🇸 USD Durables Ex Transportation (DEC P), Actual: -0.1% Expected: 0.30% Previous: -0.4% https://www.dailyfx.com/economic-calendar#2020-01-28
  • 🇺🇸 USD Durable Goods Orders (DEC P), Actual: 2.4% Expected: 0.90% Previous: -3.1% https://www.dailyfx.com/economic-calendar#2020-01-28
  • 🇺🇸 USD Durables Ex Transportation (DEC P), Actual: -0.1% Expected: 0.30% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2020-01-28
  • 🇺🇸 USD Durable Goods Orders (DEC P), Actual: 2.4% Expected: 0.90% Previous: -2.1% https://www.dailyfx.com/economic-calendar#2020-01-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.48%, while traders in US 500 are at opposite extremes with 67.71%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/hkqkAYkSmW
  • Senior Trump Administration Official says the US is disappointed by the UK's decision to use Huawei in 5G network
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.03% 🇦🇺AUD: -0.08% 🇪🇺EUR: -0.12% 🇳🇿NZD: -0.19% 🇨🇭CHF: -0.30% 🇬🇧GBP: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3DqbX6iGZ1
  • Heads Up:🇺🇸 USD Durables Ex Transportation (DEC P) due at 13:30 GMT (15min), Actual: N/A Expected: 0.30% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2020-01-28
  • Heads Up:🇺🇸 USD Durable Goods Orders (DEC P) due at 13:30 GMT (15min), Actual: N/A Expected: 0.90% Previous: -2.1% https://www.dailyfx.com/economic-calendar#2020-01-28
  • Get your stock market basics right - what is the stock market and how does stock trading work? Find out here: https://t.co/JfAJLAtlsY https://t.co/VYsB0wF1uX
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.