USD/TRY Price Analysis: Probing rising wedge hurdle above 7.7300

USD/TRY attempts a solid comeback on Wednesday.
Recent consolidation carves potential rising wedge on hourly chart.
Hourly RSI keeps points north, eyeing overbought region.

Dhwani Mehta FXStreet

USD/TRY has attempted a solid bounce above 7.7300 on Wednesday, as the bulls storm through all major simple moving averages (HMA) on the hourly chart.

The price has carved out a rising wedge formation on the given time frame, with an hourly closing above the rising trendline resistance at 7.7329 need to confirming a bullish breakout.

The move higher is backed by the hourly Relative Strength Index (RSI) heading towards the overbought territory while trading at 68.01, as of writing.

The buyers now target Tuesday’s high of 7.7983, above which the 8.00 level could be back in sight.

To the downside, the horizontal 100-HMA at 7.7203 could offer strong support. Further south, the bullish 21-HMA at 7.7155 will be put to test.

A sustained break below the rising trendline support at 7.7021 is critical to resuming last week’s downtrend.

USD/TRY: Hourly chart

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

GBP/USD bounces as soft CPI boosts BoE cut bets

GBP/USD rose 0.42% on Wednesday, recovering toward 1.3600 in a session shaped by softer-than-expected UK inflation data and broad US Dollar weakness. The pair had been consolidating in a tight range between about 1.3450 and 1.3520 for the past few days following the sharp pullback from the late-January high near 1.3870, and Wednesday's move pushed price action back onto the high side of key moving averages.

Gold retains positive bias amid sustained safe-haven demand, softer USD

Gold attracts some buyers for the second straight day as trade jitters and geopolitical tensions ahead of the US-Iran nuclear talks underpin demand for safe-haven assets. Apart from this, a softer US Dollar further supports the bullion, though the underlying bullish sentiment could cap gains. Bulls might also opt to wait for acceptance above the $5,200 mark before positioning for any meaningful appreciating move.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority in the United Kingdom is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.