USD/THB 1H Chart: Descending triangle in sight
The USD/THB currency pair has been trading in a descending triangle since the end of October.
From a theoretical point of view, a breakout north from the pattern occurs in the nearest future. A potential upside target is the upper boundary of the medium-term descending channel located circa 3.20. Technical indicators for the 1W time frame support bullish scenario.
However, important resistance level to surpass is a combination of the 55-, 100– and 200-hour SMAs in the 33.00 area. If given level holds, it is likely that the pair goes downside to the Fibonacci 38.20% retracement at 32.59.
TRY/JPY 1H Chart: Medium-term channel in sight
The Turkish Lira has been driven by a strong upside momentum against the Japanese Yen since the middle of August, and thus sending the currency pair to the weekly R2 at the 21.97 mark.
As apparent on the chart, the pair is testing the upper boundary of the medium-term ascending channel at 22.00. Given that the exchange rate is being supported by the 55– and 100-hour SMAs, it is expected that a breakout north occurs in the nearest future.
However, if given channel holds, it is likely that a reversal south occurs soon. Important support level to look out is the 200-hour SMA, currently located at 21.46.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD depreciates on risk aversion amid a stronger US Dollar
AUD/USD extends its losses for the second successive session on Friday. However, market activity is expected to be subdued due to light trading on Good Friday. Meanwhile, the US Dollar strengthens as recent data indicates annualized economic expansion in the United States, driven by consumer spending.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts
Bitcoin is showing strength as markets head into the Easter holidays. As it rises, altcoins are following suit, with Ethereum and Ripple posting almost similar gains. Meanwhile, there remains an unfilled CME Gap, with a lot of liquidity also resting above and below BTC price.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.