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 [..]


Technical Analysis – USDTRY caught in narrow range, outlook flat for now

Posted on September 27, 2019 at 12:24 pm GMT

USDTRY has been stuck in a very narrow range, with an upper bound at 5.79 and a lower one at 5.64, since the beginning of September. The near-term outlook is therefore neutral, something also supported by the converging 50- and 200-day simple moving averages (SMAs). A break in either direction of the range is required to set the tone. Reinforcing the flat picture, both the RSI and the MACD are near their neutral levels, providing no directional signals. If the [..]


Technical Analysis – USDTRY may need a bounce above 5.780

Posted on August 13, 2019 at 9:59 am GMT

USDTRY has been making lower highs and lower lows since early May, retracing more than half of the bullish wave with a bottom at 5.154 and a top at 6.243. The smooth recovery in the MACD and the upward-sloping RSI are currently reflecting a bearish-to-neutral bias for the short-term as long as the former holds around its red signal line and the latter below 50. Traders may ask for a closing price above 5.780 to allocate more funds to the [..]


Technical Analysis – USDTRY revisits the 200-day SMA after three-week gradual move lower

Posted on July 30, 2019 at 3:06 pm GMT

The USDTRY recorded multiple red days after a move off the 5.7350 resistance, which was the 23.6% Fibonacci retracement of the down-leg from a seven-and-a-half-month high of 6.2432 to a low of 5.5782. The selling interest brought the price to sit on the 200-day simple moving average (SMA) slightly past the three-month low of 5.5782 formed on July 4. The Tenkan-sen and Kinjun-sen lines are pointing down, agreeing with the negative directional momentum suggested by the MACD and the RSI; [..]


Technical Analysis – USDTRY pulls back from 4-month low; bearish in short term

Posted on July 19, 2019 at 9:34 am GMT

USDTRY has been in a downtrend over the last two months following the pullback on the seven-month high of 6.2440. The pair is holding beneath the 20- and 50-simple moving averages (SMAs), however, the momentum indicators are signaling for some gains in the short-term. The RSI is pointing marginally up in the negative zone, while the MACD posted a bullish crossover with its trigger line below the zero line. In case of another step lower and a penetration of the [..]

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