Share:

Geopolitical tension

The Turkish lira has taken a beating after Turkish President Tayyip Erdogan stated that ambassadors from ten western countries, including the United States, France, and Germany, are no longer welcome in Turkey after these nations demanded the release of a well-known businessman, Osman Kavala. In 2016, Osman Kavala allegedly assisted in a failed coup attempt against Erdogan's government. Kavala has denied any ties to Fethullah Gulen, an Islamic cleric based in the United States who is believed to be the mastermind behind the attempted takeover. President Tayyip Erdogan has taken offence to the request by Western countries as he deems that they are contesting Turkey’s independence and its judicial system.

Below is the chart for USD/TRY which shows that this could be the best time to short the USD/TRY pair as the RSI has extended its move to extreme overbought level. Despite all the news and noise on the fundamental side, technical are clearly indicating that this is not a great time to go long on the USD/TRY.

Chart

Share: Feed news

The information is purely for education purposes only and cannot be perceived as an advise.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

EUR/USD hovers around 1.0850 ahead of US data

EUR/USD hovers around 1.0850 ahead of US data

EUR/USD is ranging at around 1.0850 in the European session on Tuesday. The pair stays supported amid a broadly subdued US Dollar and hawkish comments from ECB President Lagarde. The focus now shifts to the high-impact US economic data. 

EUR/USD News

GBP/USD holds steady below 1.2700, BoE-speak, US data eyed

GBP/USD holds steady below 1.2700, BoE-speak, US data eyed

GBP/USD is keeping its range trade intact below 1.2700 early Tuesday. A softer US Dollar and a cautious market mood are contributing to the bull-bear tug-of-war, as traders await the speeches from the BoE and the Fed policymakers alongside the US macro news. 

GBP/USD News

Gold price remains within striking distance of two-week high ahead of US macro data

Gold price remains within striking distance of two-week high ahead of US macro data

Gold price (XAU/USD) catches fresh bids following the previous day's modest downfall and remains well within the striking distance of over a two-week high touched last Thursday. 

Gold News

XRP price recoups losses as Ripple gears up to reveal blockchain roadmap for 2024

XRP price recoups losses as Ripple gears up to reveal blockchain roadmap for 2024

XRP price is influenced by the developments in Ripple and the updates in the SEC v. Ripple lawsuit. The altcoin climbed past the $0.56 level as the XRPLedger prepares to unveil its roadmap for 2024.

Read more

Calm before the data

Calm before the data

It feels like there is a moment of calm and silence in the aftermath of major tech earnings, investors will decide whether this rally deserves to continue higher straight away. 

Read more

Majors

Cryptocurrencies

Signatures