The USDTRY advanced 4% this week and approached new record high at 8.7536, posted on June 2, Fed’s signals of stimulus tapering and rate hikes, probably earlier than expected, strongly boosted dollar.

This week’s advance nearly fully retraced shallow pullback from new all-time high and signaling that the pair is about to enter uncharted territory again.

Bulls eye targets at 8.9000 (round figure) and 8.9796 (Fibo 123.6% projection of the upleg from 6.8951 (Feb 16 trough) with extension towards 9.0000 (psychological) and 9.2258 (Fibo 138.2% projection) not ruled out on stronger acceleration.

Res: 8.7060; 8.7536; 8.8000; 8.7536

Sup: 8.6142; 8.5550; 8.5265; 8.5000

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD extends gains beyond 1.1820 after mixed US data

EUR/USD has extended its gains above 1.1820 after Durable Goods Orders missed expectations but the CB Consumer Confidence exceeded them. US yields are on the backfoot. Covid and infrastructure headlines are eyed.

EUR/USD News

GBP/USD soars toward 1.38 on UK covid optimism, dollar weakness

GBP/USD is trading close to 1.39, surging higher. The pound benefits from the drop in British covid cases while the dollar turned down after rising earlier. The US published mixed data.

GBP/USD News

Gold battles $1,800 as USD lingers near highs

Gold prices loiter near the $1,800 mark for the past five trading sessions. The US dollar remains steady near the four-month high ahead of the Fed’s interest rate decision. The prices moved cautiously despite the general negative sentiments surrounding the greenback.

Gold News

Crypto markets bleed after Amazon denies rumors; uptrend intact

Bitcoin price is experiencing a pullback after rallying 38% to tag $40,000. Ethereum price promptly follows BTC as it eyes a retracement to the $2,018 support level.

Read more

FX: 10 things to watch this week

Taking a look at the economic calendar, it is set to be a busy week for the forex market. There’s a central bank rate decision, GDP, inflation and employment reports scheduled for release. A number of big tech companies have ...

Read more

Majors

Cryptocurrencies

Signatures