USDTRY
Turkish lira spiked to session high at 4.0304 (the highest since 20Apr) against US dollar after CBRT rate announcement today, but gains were so far short-lived, as the pair subsequently bounced above 4.10 barrier. Turkish central bank surprised on stronger than expected late liquidity window rate hike (13.5% vs 13.25% f/c from 12.75%) but kept main interest rates unchanged. Expectations for stronger lira's rally after today's CBRT decision (lira was sold when the CB hiked less than expected in Dec) are fading, as quick recovery pressures key near-term resistances at 4.11 zone (23/24 Apr highs). With the dollar being strongly underpinned by US yields rising to new multi-year highs, little prospect for lira's rally was left. Fresh dollar longs above 4.00 remain favored scenario, which is supported by bullish daily techs and overall negative lira's sentiment. Bulls need firm break above 4.11 lower platform and 4.1209 (Fibo 61.8% of 4.1932/4.0040) to signal an end of corrective phase and shift focus towards new all-time high at 4.1932. Conversely, bearish scenario needs break below 4.00 pivot to signal stronger correction.
Res: 4.1120; 4.1209; 4.1485; 4.1606
Sup: 4.0790; 4.0517; 4.0304; 4.0040
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 stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.