Slobodan Drvenica
Windsor Brokers
USDTRY
The Turkish lira holds firmer tone on Monday, following results of local elections which showed that President Erdogan’s ruling party lost control of the capital and showed much weaker results in other big cities.
The USDTRY pair stands at 5.5220 in US session on Monday, down from European high at 5.6980 and tested strong support provided by the top of thick daily cloud, which so far holds.
Repeated strong upside rejections (Friday / today) and changing sentiment after Erdogan’s party defeat in big cities could partially offset negative impact from rising concerns about fresh crisis which caused lira’s loss of 30% last year and further boost lira.
Break of key obstacles at 5.5181 and 5.4828 (daily cloud top / converged rising 20/200SMA’s) would spark fresh lira’s rally.
Markets need to digest election results to generate fresh direction signals, however, the outlook for lira is expected to remain weak if key 200SMA support resists attack.
Res: 5.6358; 5.6718; 5.6980; 5.7142
Sup: 5.5144; 5.4828; 5.4297; 5.3800
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.
Recommended Content
Editors’ Picks
AUD/USD ticks higher as positive risk tone caps the safe-haven USD
AUD/USD attracts some dip-buying during the Asian session on Tuesday. The initial reaction to Trump's tariff threats turned out to be short-lived amid hopes for trade deals before the August 1 deadline. This leads to a slight improvement in the risk sentiment, which keeps a lid on the recent US Dollar rally to a three-week high and benefits the Aussie.
USD/JPY refreshes multi-week top, eyes 148.00 or June swing high
USD/JPY climbs to the 148.00 neighborhood, during the Asian session amid expectations that the Bank of Japan will forgo raising interest rates in 2025 in anticipation of the economic fallout from higher US tariffs. Hopes that a global trade war would be averted trigger a modest recovery in the risk sentiment and undermine the Japanese Yen.
Gold price traders seem non-committed ahead of US CPI report
Gold price stalls the previous day's late pullback from a nearly three-week high and holds steady above the $3,340 level during the Asian session on Tuesday amid a modest US Dollar downtick. However, a turnaround in the global risk sentiment, bolstered by Trump's willingness to engage in further negotiations, acts as a headwind for the XAU/USD.
Ethereum: Investors eye $3,400 following record inflows and BitMine's $500 million ETH acquisition
Ethereum trades near $3,000 on Monday following BitMine's disclosure of over 163,000 ETH holdings. The company's purchase comes as investors have piled in over $990 million into record-breaking inflows into ETH exchange-traded funds.
Five fundamentals for the week: Investors eye tariff circus and US inflation data Premium
Which country will be the next to receive a letter from America? US President Donald Trump has been extending his tariff threats through the weekend. Has the US economy felt the consequences of levies already imposed? These are the topics for another hot summer month.
Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.