Dukascopy Bank Team
Dukascopy Bank SA
USD/TRY 4H Chart: Channel Up
Comment: During the last four weeks USD/TRY has been trading in a pronounced up-trend, and the currency pair seems capable of extending the gains even further. In the very near future the US Dollar may well fall down to 2.42 in order to complete its downward correction; however, the overall outlook is nonetheless bullish. An assumption that the risks are skewed to the upside is also confirmed by the technical indicators, especially on the four-hour and daily charts, where five out of eight studies give ‘buy’ signals. Once USD/TRY confirms the support trend-line, the exchange rate is expected to target the upper trend-line at 2.50.
EUR/NZD 4H Chart: Channel Up
Comment: Though the Euro tends to heavily underperform the New Zealand Dollar, as the currency lost almost 9% between Dec 10 and Jan 16, there is hope for the bulls in the form of the positively-sloped channel. If a cluster of supports around 1.54 (up-trend, monthly PP and long-term SMA) stays intact, there will be a high chance of the pair continuing the recovery from 1.48. The first objective in the bullish case will be the Feb 3 high at 1.5829, followed by the resistance at 1.5911, where the rising trend-line merges with the monthly R1 level. On the other hand, should the demand at 1.54 fail to underpin EUR/NZD, the Euro will likely slide back to the Jan 16 low.
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
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.