USD/TRY Price Analysis: Hovers around all-time highs at 18.40, mild correction seems favored


  • USD/TRY is auctioning around its all-time highs recorded at 18.41.
  • Exhaustion in upside momentum could lead to a mild correction further.
  • The RSI (14) is oscillating in the bullish range of 60.00-80.00 for a prolonged period.

The USD/TRY pair is attempting an upside break of the consolidation formed in a narrow range of 18.30-18.40 in the early European session. The asset has remained in the grip of bulls for the past week after establishing above the critical hurdle of 18.25. The major printed a fresh all-time high at 18.41 on Wednesday amid hawkish Federal Reserve (Fed) policy.

On a daily scale, the USD/TRY pair has refreshed the all-time highs after overstepping the 20 December 2021 high at 18.39. The asset is hovering around all-time highs at 18.40, however, signs of exhaustion in the upside momentum is favoring a mild correction ahead.

The 20-and 50-period Exponential Moving Averages (EMAs) at 18.24 and 17.95 respectively are scaling higher, which adds to the upside filters.

Also, the Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00 for a prolonged period, which indicates a continuation of upside momentum.

A decisive slippage below the 20-EMA at 18.24 will drag the asset towards the round-level support at 18.00, followed by August 9 low at 17.56.

On the contrary, the greenback bulls will shift into the unchartered territory after overstepping the fresh all-time highs at 18.41. An occurrence of the same will send the asset towards the psychological resistance at 19.00 followed by the round-level resistance at 19.50.

USD/TRY daily chart        

 

                   

 

 

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD drops below 0.9750 after upbeat US PMI data

EUR/USD drops below 0.9750 after upbeat US PMI data

Following a brief consolidation period, EUR/USD came under bearish pressure and dropped below 0.9750 during the American session on Friday. Better than expected Manufacturing and Services PMI figures from the US provided a boost to the dollar, further weighing on the pair.

EUR/USD News

GBP/USD renews multi-decade below 1.0900

GBP/USD renews multi-decade below 1.0900

After having recovered toward 1.1100 earlier in the day, GBP/USD turned south in the American session and touched its lowest level since 1985 below 1.0900. The PMI data from the US showed that the private sector activity recovered in September, fueling another leg higher in DXY.

GBP/USD News

Gold falls below $1,650, looks to post weekly losses

Gold falls below $1,650, looks to post weekly losses

Pressured by the renewed dollar strength on upbeat US PMI figures, gold lost its recovery momentum and dropped below $1,650. Meanwhile, the 10-year US T-bond yield is up nearly 1%, forcing XAU/USD to stay on the backfoot heading into the weekend.

Gold News

BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

BTC makes a bullish comeback amid regulatory tension, but lacks confirmation

Bitcoin price has produced three consecutive lower lows since September 7, but at the same time, the Relative Strength Indicator (RSI) has shown a positive rise demonstrating a lack of underlying bearish power.

Read more

TSLA suffers as yields continue to dominate

TSLA suffers as yields continue to dominate

Tesla (TSLA) reacted poorly to the latest central bank developments with the stock falling 4% on Thursday. Main indices were not as badly hit with the S&P 500 losing less than 1% and the Nasdaq just over 1%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures