USD/TRY gets closer to all-time highs at 8.5814 which are set to cap – Commerzbank

FXStreet Insights Team FXStreet

The USD/TRY pair is revisiting the 8.4605/8.5814 November and March highs which may continue to cap, though, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

February low comes in at 6.8925

“USD/TRY has so far rallied to between the 8.4605 March high and the November all-time high at 8.5814. This resistance area we still expect to cap.”

“While no rise and daily chart close above the 8.4605 March high is seen, further range trading between the 8.5814 alltime high and the March 8 high at 7.7881 is likely to ensue with the current April low at 7.9775 acting as immediate support.”

“Below 7.9775, the next lower 7.6923/7.6413 March 17 high and March 23 low the November low and January high can be spotted at 7.5439/7.5195. Further down lie the January low at 7.2417 and the March low at 7.1916 as well as the February trough at 6.8925.”

“Only a rise above the November peak at 8.5814 would target a daily 0.1 x 3 vertical Point & Figure upside target at 9.1000.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD eases marginally, back to 1.1800

EUR/USD navigates a narrow range on Thursday, hovering around the 1.1800 neighbourhood in a context of humble gains in the US Dollar. The pair’s lacklustre performance come amid the unabated trade uncertainty, geopolitical tensions in the Middle East and the cautious tone from the ECB’s Lagarde.

GBP/USD retreats from tops, approaching 1.3540

GBP/USD partially sets aside Wednesday’s strong advance and recedes to the 1.3540 region on Thursday. Cable’s modest retracement follows the equally acceptable gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold clings to gains just below $5,200, focus on geopolitics

Gold is edging modestly higher on Thursday, adding to Wednesday’s uptick and holding just below the $5,200 mark per troy ounce against the backdrop of modest gains in the US Dollar. In the meantime, attention is turning to the geopolitical scenario following US-Iran nuclear talks.