USD/TRY Price Analysis: Jumps to all time high above 8.8020, bulls hold grip

  • USD/TRY consolidates gains on Friday after the previous session’s madness.
  • Pair hit an all-time high above 8.8020 after the Central Bank of the Republic of Turkey surprised with a 100-bps rate cut on Thursday.
  • Overbought MACD caution on aggressive bids.

USD/TRY remains muted in the early European trading hours on Friday. The cross-currency pair hit record highs after the CBRT surprise rate cut spooked traders and raised doubts over its credibility as monetary independence appeared to be lost. The pair confide in a very narrow trade band with no meaningful traction.

At the time of writing, USD/TRY is trading at 8.7712, up 0.03% for the day.

USD/TRY daily chart

On the daily chart, the USD/TRY cross-currency pair has been in the upside momentum since the beginning of the September series. The pair consolidated near 8.2660 for the consecutive four sessions beginning from September 2. USD/TRY remains in a continuous uptrend putting the paddle on the accelerator.

The formation of a Doji candlestick suggests indecisiveness among traders. If price sustains below the intraday low, it could return to the 8.7500 horizontal support level. The Moving Average Convergence Divergence (MACD) holds onto the overbought zone. Any downtick in the MACD would intensify the selling pressure toward the 8.7000 horizontal support level followed by the previous day's low of 8.6265.

Alternatively, if price reverses direction, it could first test the YTD high at 8.8022, then it would further march toward the psychological 8.8050 and the 9.0000 mark respectively.

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

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD clings to modest gains above 1.1600 after EU and German PMI

EUR/USD is trading in the positive territory around mid-1.1600s in the early European session with the dollar struggling to find demand amid the improving market mood. The data from Germany and the EU showed that the business activity in the private sector expanded at a soft pace in October.


GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.


XAU/USD eyes $1801 as the next bullish target

Gold price hits fresh five-day tops at $1795 amid risk-on mood, USD pullback. Listless US Treasury yields support gold price, as inflation risks loom.

Gold News

Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing

Shiba Inu coin reached over a million new traders through its listing on Novadax, and CoinFLEX. A crypto exchange offered traders "Flip DOGE for SHIB" and exchanged Dogecoins for Shiba Inu tokens. 

Read more

Earnings continue to impress

Stock markets are marginally lower on Thursday, continuing the trend of choppy trade this week as we await more earnings reports. 

Read more