Technical Analysis – USDTRY slips below 20-day SMA but retains bullish outlook 

Posted on May 14, 2020 at 2:17 pm GMT

USDTRY held in losses for more than a week, dropping marginally below the 20-day simple moving average (SMA). The RSI continues to head lower in bullish area, while the MACD oscillator keeps falling beneath its trigger line, both suggesting a weaker price momentum in the short-term. The price is currenty touching the flat Kijun-sen line and any declines below this barrier could shift the spotlight towards the 23.6% Fibonacci retracement level of the up leg from 5.4452 to 7.2662, at 6.8403. A drop below this line could send prices towards the [..]


Technical Analysis – USDTRY accelerates to fresh record high

Posted on May 6, 2020 at 3:51 pm GMT

USDTRY bulls moved to an uncharted territory on Wednesday, unlocking a new all-time high of 7.192 on top of the previous record peak of 7.108 registered in 2018. The rally which keeps strengthening for the fourth consecutive week has put the market back in a long-term uptrend, increasing optimism for further upside that may next stall near the 7.500 psychological level, while the 8.000 number will be closely watched if more buyers enter the market. Meanwhile, the positive slope in the 20- [..]


Technical Analysis – USDTRY at fresh 6-month high; positive outlook to stay in place

Posted on February 21, 2020 at 10:59 am GMT

USDTRY has been rising steadily since mid-January, surpassing its previous peak at 5.986 to print a fresh 6-month high slightly above the 6.00 mark on Friday. The upward direction in the MACD and the positive slope in the RSI, which keeps strengthening above its 70 overbought mark flag a bullish short-term bias. Hence, the focus will likely stay on the upside, with the 6.148 peak from May 23 probably coming next under the spotlight. If the bullish action continues above the latter, the [..]


Technical Analysis – USDTRY capped near multi-month high, but trend still positive

Posted on February 4, 2020 at 4:18 pm GMT

USDTRY hit a wall near 5.985 lately – the region that also halted the advance in early January – and subsequently retreated a little. That said, the price structure still consists of consecutive higher highs and higher lows above both the 50- and 200-day simple moving averages (SMAs), so the overall picture remains very much positive. A break below 5.84 is needed to bring the bullish outlook into question. Short term oscillators paint a mixed picture. The RSI, having met [..]


Technical Analysis – USDTRY pulls back, but maintains broader upward trajectory

Posted on January 16, 2020 at 3:09 pm GMT

USDTRY posted some losses in recent sessions, after the bulls met resistance at the 5.985 top. Yet, the pair continues to print higher highs and higher lows above both its 50- and 200-day simple moving averages (SMAs), which keeps the overall outlook positive. For that to change, the bears would need to post a low beneath 5.68. Short term oscillators suggest that the latest retreat may continue in the immediate term. The RSI, already below 50, is pointing down – [..]


Technical Analysis – USDTRY jumps to 2-month high as bulls take control

Posted on December 17, 2019 at 2:32 pm GMT

USDTRY soared in recent days and now looks to be headed for a test of the upper bound of the wide sideways range that has contained the price action since late May, between 5.93 and 5.45. The price structure in the medium-term timeframe currently paints a cautiously positive picture, with a clear above 5.93 needed to turn it clearly positive. The RSI and MACD endorse a mildly bullish outlook, with the former crossing above its 70 line and pointing higher, [..]


Technical Analysis – USDTRY flirts with 40-day MA and 38.2% Fibonacci within a sideways market

Posted on November 13, 2019 at 2:56 pm GMT

USDTRY sellers are trying to push below the 5.75 mark, which is the 38.2% Fibonacci retracement of the down leg from 6.24 to 5.45 and where the 40-day simple moving average (SMA) is currently located. The pair seems to be bound within the region of 5.94 to 5.64, which coincides with the 61.8% and 23.6% Fibo respectively. The short-term oscillators reflect indistinct signals – trading around their neutral marks – suggesting that directional momentum has disappeared. The RSI is implying [..]

Daily Market Comment – Brexit deal done, but will Parliament approve?

Posted on October 18, 2019 at 8:14 am GMT

New Brexit deal heads to a vote in the UK Parliament on Saturday A rejection may see sterling open lower, but any retreat to stay short-lived Syria ceasefire pushes Turkish lira higher Several Fed officials speak today – crucial for October rate-cut pricing There and back again: A Brexit deal story After a week of intense negotiations, the EU and the UK finally reached a Brexit deal yesterday, which will be put to the British Parliament on Saturday for a [..]


Technical Analysis – USDTRY rallies above 100-day SMA, but still range-bound

Posted on October 8, 2019 at 12:46 pm GMT

USDTRY rally ceased at 5.85, which is the 50.0% Fibonacci retracement of the down leg from 6.24 to 5.45. The bulls drove the price above multiple resistances within the trading range of 5.64 – 5.84, which commenced around the beginning of September. The short-term oscillators reflect mixed signals. The MACD has inclined above its red trigger line and into the positive zone, while the RSI is midway in bullish territory but heads down. The simple moving averages (SMAs) are skewed [..]

Daily Market Comment – Stocks edge up on cautious optimism for interim US-China trade deal; dollar steady

Posted on October 8, 2019 at 8:30 am GMT

Risk sentiment improves slightly on hopes US and China can reach limited trade deal Stocks, aussie and kiwi up, but most majors stuck in sideways ranges Pound under pressure as EU lists objections to Johnson’s Brexit plan Trade talks resume but little chance of breakthrough US and Chinese negotiators resumed trade talks in Washington on Monday amid a tense environment as the Trump administration added another 20 Chinese public security bureaus and 8 tech companies to its trade blacklist. Although [..]

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