USD/TRY

Turkish lira rose against US dollar after CBRT surprised markets by 0.75% rate cut to 11.25% vs widely expected half percent easing. The central bank said that current policy stance remains consistent as inflation outlook continues to improve. Rate cut is expected to support lira, also boosted by strong risk mode in the markets. The USDTRY's near-term action is congested around cracked pivotal Fibo support at 5.8720 (Fibo 38.2% of 5.6848/5.9875 ascend) for the fifth day and firm break lower is needed to signal continuation of pullback from 5.9875 (8 Jan high) towards 5.80 (Fibo 61.8%) and 5.7909 (200DMA). Daily momentum remains in the negative territory, although in sideways mode, but stochastic emerges from oversold territory that may obstruct bears and keep the pair in extended sideways mode. Falling 10DMA (5.9040) maintains pressure and expected to cap upticks.

Res: 5.8719; 5.9040; 5.9161; 5.9233
Sup: 5.8528; 5.8361; 5.8000; 5.7909

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 hits two-month lows amid USD strength

EUR/USD has pared its gains that followed upbeat preliminary PMIs for Germany came out above expectations, pointing to a recovery. The USD is advancing amid fears of the coronavirus.

EUR/USD News

GBP/USD drops below 1.31 amid USD strength, fails to sustain PMI gains

GBP/USD is trading below  1.31 after hitting a fresh high of 1.3172. The UK Manufacturing PMI beat with 49.8 and Services PMI with 52.9. The USD is gaining ground across the board.

GBP/USD News

Cryptos: Bears take over and draw a bloody moon

Despite appearances, Bitcoin is the asset with the best risk/benefit ratio. The current falls are adjusted to the ranges of the previous rise. Downward momentum expires in the first half of February.

Read more

Gold rebounds above $1560 ahead of US PMI data

The XAU/USD pair dropped to a daily low of $1556.70 during the European trading hours as the easing worries over coronavirus becoming a global epidemic and a broad-based USD strength put the pair under bearish pressure.

Gold News

USD/JPY stuck in range around 109.50 amid China coronavirus concerns

USD/JPY sticks to its range play around the midpoint of the 109 handle amid rising fears of the Chinese coronavirus outbreak globally, upbeat Japanese CPI data and a minor bounce seen in the US dollar across the board. Focus shifts to US PMIs. 

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures