Slobodan Drvenica
Windsor Brokers
USDTRY
The pair stays within larger 3.52/3.65 range in past couple of weeks, signaling possible basing of descend from 11 Jan record high at 3.9414. Short-term price action from correction low at 3.5187, posted on 02 May is holding within ascending channel, which keeps in play an idea of stronger recovery, as the notion is supported by weekly slow stochastic reversal from overbought territory.
However, series of weekly Dojis suggest no clear direction, with contracting 20d Bollinger bands on daily chart supporting for extended directionless trading.
Daily technical studies are bearish overall but weekly bulls remain in play that may trigger fresh weakness of Lira.
Near-term action is capped by 20SMA (currently at 3.5774) for the third day that may keep near-term risk shifted towards supports at 3.5513 and 3.5355, which guard key support at 3.5187.
Dollar's performance in the short term would signal short-term direction, however, stronger signals could be expected on break out of 3.52/3.65 range.
Res: 3.5775; 3.5930; 3.6000; 3.6244
Sup: 3.5575; 3.5513; 3.5355; 3.5187
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
EUR/USD holds above 1.0650 after US data
EUR/USD retreats from session highs but manages to hold above 1.0650 in the early American session. Upbeat macroeconomic data releases from the US helps the US Dollar find a foothold and limits the pair's upside.
GBP/USD retreats toward 1.2450 on modest USD rebound
GBP/USD edges lower in the second half of the day and trades at around 1.2450. Better-than-expected Jobless Claims and Philadelphia Fed Manufacturing Index data from the US provides a support to the USD and forces the pair to stay on the back foot.
Gold clings to strong daily gains above $2,380
Gold trades in positive territory above $2,380 on Thursday. Although the benchmark 10-year US Treasury bond yield holds steady following upbeat US data, XAU/USD continues to stretch higher on growing fears over a deepening conflict in the Middle East.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.