USD/TRY Price Analysis: Steady below 5-DMA but bulls aren’t out of the woods

USD/TRY sellers take a breather following two-day downtrend.
Overbought RSI, SMA breakdown signals further pullback.
Seven-week-old support line challenges the bears, bulls eye record top.

Anil Panchal FXStreet

USD/TRY seesaws near $9.5430-25, keeping the previous day’s 5-DMA breakdown ahead of Wednesday’s European session. The Turkish Lira (TRY) pair dropped during the last two days after refreshing the all-time high earlier in the week.

Although overbought RSI and the near-term moving average breakdown favor USD/TRY sellers, an upward sloping support line from September 07, near $9.2170, restricts immediate downside.

Even if the pair sellers conquer the $9.2170 level, the $9.000 threshold and September’s peak around $8.9590 will question the further downside.

Meanwhile, recovery moves need to cross the 5-DMA hurdle of $9.5590 to recall the USD/TRY bulls.

Following that, the $9.6000 and $9.6660 may prone the advances before the all-time high of $9.8505.

In a case where the USD/TRY run-up remains intact beyond $9.8505, the $9.9000 psychological magnet will be in focus.

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 tumbles below 1.1800 as Middle East turmoil drives US Dollar demand

The EUR/USD pair falls to near 1.1770 during the early Asian session on Monday, pressured by a renewed US Dollar demand. The Greenback gathers strength against the Euro as the conflict across the Middle East is heightening traders' anxiety, boosting the safe-haven currencies.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold seen through the roof as US, Israel and Iran war enters day 3

Gold is set for a huge bullish opening gap in Asian trading on Monday, with a flight to safety rush likely to sponsor the upsurge after the US and Israel struck Iran with heavy bombings over the weekend. More geopolitical headlines surrounding the Middle East conflict and Oil price movement remain in focus.

Iran escalation: Quick thoughts on markets

Markets are likely to open the week with risk-off, with declines led by airlines, cyclicals and trade-exposed names, while energy, defense and “strategic” sectors may be relatively steadier.

Oil at a critical breakpoint: Will geopolitics trigger the next major move?

The week ahead blends two powerful forces: moderating economic momentum and increasing geopolitical tension. While US and Eurozone data suggest steady but unspectacular growth, rising friction between the US and Iran is injecting a fresh risk premium into energy markets.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.