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
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 hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.