XM does not provide services to residents of the United States of America.

Technical Analysis – USDTRY posts some gains after sharp sell-off



USDTRY has rebounded off the 7.6062 support level, which holds inside the Ichimoku cloud, after the aggressive sell-off from the record high of 8.5764.

The RSI is confirming the slight upside retracement, however; the MACD is still extending its bearish movement below its trigger and zero lines. Also, the pair remains underneath the 20- and 50-day simple moving averages (SMAs) and any advances above these lines could open the way for more gains.

Immediate resistance could come from the 50- and 20-day SMAs at 7.8520 and 8.0655, respectively, ahead of the strong all-time high of 8.5764.

Further losses could see the lower surface of the Ichimoku cloud around 7.4093 being tested before touching the 7.1950 barrier. More downside pressure could hit the 200-day SMA at 7.0812 before meeting the 6.8065-6.6667 support area.

Overall, USDTRY has been in a bearish correction mode over the last ten days, but the broader outlook is still bullish. Only a decisive close beneath the 200-day SMA may change this view.

Latest News

U

Bitcoin erases pullback but stalls at $70,000 – Crypto News

B
E

Technical Analysis – GBPUSD keeps sideways move intact

G

Week Ahead – Rate cut hopes rest on US jobs report and Eurozone flash CPI

U
E
A
U

Euro loses altitude ahead of inflation stats – Preview

E

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.