USD/TRY Price Analysis: Stays on the way to 15.00

USD/TRY holds onto the previous week’s rebound from 10-DMA.
MACD conditions portray buyers losing momentum inside short-term rising wedge bearish chart pattern.
Multiple supports, fundamental catalysts keep buyers hopeful around one-week high.

Anil Panchal FXStreet

USD/TRY grinds higher around 14.85 during Tuesday’s Asian session.

In doing so, the Turkish lira (TRY) pair extends the last week’s U-turn from the 10-DMA inside a one-month-old rising wedge bearish chart pattern. Also teasing USD/TRY sellers is the receding bullish bias of the MACD.

However, multiple failures to break the 10-DMA and strong fundamentals supporting the USD growth, as well as weighing on the TRY, keep USD/TRY bulls hopeful.

That said, the current upside eyes the 15.00 threshold ahead of the monthly peak of 15.06.

In a case where USD/TRY bulls keep reins past 15.06, the upper line of the stated wedge, near 15.30 will be in focus.

Alternatively, the 10-DMA level of 14.75 restricts the immediate downside of the pair ahead of the wedge’s support line, close to 14.70 at the latest.

Should the USD/TRY prices drop below 14.70, the bearish formation suggesting a south-run towards February’s low surrounding 13.25 can’t be ruled out. Though, the 14.00 round figure and the monthly bottom near 13.75 will challenge the bears on the way.

USD/TRY: Daily chart

Trend: Bullish

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold hangs near one-week low; looks to FOMC Minutes for fresh impetus

Gold is consolidating just above the $4,850 level, having touched a one-week low on Tuesday, amid mixed cues. Signs of progress in US–Iran talks dent demand for the traditional safe-haven bullion. Meanwhile, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders also seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.