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


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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 


GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.


XAU/USD drops $50 from record highs to the $2020 area

Gold prices are falling sharply on Friday, trading below $2040/oz at the moment. Earlier on Friday, the yellow metal reached at $2075, a new record high.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI drops 1% to $41.50 ahead of US NFP, rigs data

WTI (futures on Nymex) is on a steady decline so far this Friday, undermined by reduced demand for higher-yielding assets amid the renewed US-China tensions induced risk-aversion.

Oil News

Forex Majors