USDTRY

The USDTRY pair extends advance into third straight day and broke above 55DMA (5.6828), penetrating thick daily cloud (base lays at 5.7202) and approaching another pivotal barrier at 5.7531 (Fibo 38.2% of 6.2445/5.4494 descend).
Very strong bullish momentum on daily chart and MA's in bullish configuration, forming multiple bull-crosses, support the advance.
Daily close above 55DMA will generate bullish signal, which will require justification on close within daily cloud and violation of 5.7531 Fibo barrier.
This would open way for further correction of 6.2445/5.4494 fall and expose targets at 5.8470 (Fibo 50%) and 5.9137 (daily cloud top). Meanwhile, bulls might be delayed on hesitation under thick daily cloud, with extended consolidation (ideally above 55DMA) to precede final break higher.

Res: 5.7202; 5.7531; 5.7687; 5.8470
Sup: 5.6829; 5.6397; 5.6182; 5.5871

USDTRY

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.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: bears pressuring, 1.0980 critical support

Risk aversion took over the FX board on Friday, weighing on high-yielding assets. The EUR/USD pair, finished the week just a handful of pips above the 1.1000 figure amid mounting tensions between the US and China.

EUR/USD News

GBP/USD: at risk of losing more ground in the short-term

The GBP/USD pair advanced up to 1.2581, it highest in over two months, but was unable to sustain gains, ending the week around 1.2470. Cable could keep losing ground on a break below 1.2460, the immediate support.

GBP/USD News

USD/JPY: at a bring of breaking lower

Fresh risk-off flows resulted in the USD/JPY pair trimming weekly gains on Friday, ending the week at 107.55. The pair barely holding above a critical Fibonacci support at 107.45. Japan’s National inflation steady at lows in August.

USD/JPY News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Ethereum points to the Moon as Bitcoin takes a break

ETH/USD exceeds $220 and is bidding to lead the market. Bitcoin sets a bear trap and recaptures $10,000. XRP stalls between technical levels and fails to consolidate $0.30.

Read more

Gold climbs further beyond $1500 mark, lacks follow-through

Gold edged higher for the second consecutive session on Friday, albeit remained well within a familiar trading range held over the past two weeks or so.

Gold News

Forex Majors

Cryptocurrencies

Signatures