USD/TRY

The pair hits new 1 1/2 month high at 5.9220 on Monday, in extension of last week's 3% advance and eyes pivotal barrier at 5.9408 (Fibo 61.8% of 6.2445/5.4494, May/Aug fall).
Turkish lira lost ground after recent strength was capped by 200DMA and came under strong pressure on Turkey's military action in Syrian and subsequent threats of strong sanctions from the US, which could be devastating for Turkish economy, already in recession.
Daily techs maintain strong bullish momentum, with action being underpinned by multiple bull-crosses of daily MA's in full bullish setup. Lira could fall significantly and extend weakness through psychological 6.00 barrier, if the US imposes sanctions on Turkey.
Overbought daily stochastic warns pause in current rally, however, pair's sentiment remains strong and suggests shallow dips that would keep intact a higher base at 5.8150 zone, before bulls resume.

Res: 5.9220; 5.9408; 6.0000; 6.0569
Sup: 5.9000; 5.8902; 5.8666; 5.8548

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

FXStreet Trading Signals now available!

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

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD defends gains above 1.1300 amid broad dollar recovery

EUR/USD defends gains above 1.1300 amid a broad-based US dollar recovery. The shared currency remains at the mercy of the broader market sentiment as the data docket is light on Monday. COVID-19 stats in focus. 

EUR/USD News

GBP/USD batting to extend gains beyond 1.2600

Risk-on mood limits the dollar’s bullish potential. GBP/USD bounces from daily lows, but Brexit concerns weigh on Sterling. BOE Governor Bailey's speech awaited.

GBP/USD News

Gold sits near daily tops, just below $1810 level

A combination of supporting factors assisted gold to regain positive traction on Monday. Sustained USD selling remained supportive amid concerns about rising COVID-19 cases. The prevalent risk-on mood might turn out to be the only factor capping any strong gains.

Gold News

Dominance war to push Ethereum to $270

The Altcoin segment is still in full swing while the crypto board leaders, Bitcoin and Ethereum, remain stuck at the same levels as in recent weeks. The dispute for market share, or dominance in technical terms, remains at a point of maximum tension. 

Read more

WTI breaches $40 mark as talks of OPEC+ output cuts easing weigh

WTI (August futures on Nymex) extends Friday’s sell-off into the European trading this Monday, following a brief consolidation seen above $40 mark earlier in the Asian session.

Oil News

Forex Majors

Cryptocurrencies

Signatures