USD/TRY to surf new all-time highs as Turkish lira continues to tumble – Commerzbank

FXStreet Insights Team FXStreet

USD/TRY made a new all-time high despite negative RSI divergence on the daily chart. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to extend the rally towards the 9.00 psychological level.

USD/TRY rallied to 8.6165 in May

“USD/TRY has so far rallied to 8.6165, a new all-time high (according to CQG data), despite it being accompanied by negative divergence on the daily RSI.”

“Were the current rally to continue, and we would expect it to as long as the cross remains above the 8.2965 mid-May low, we would have to allow for the 8.7218/8.82 TD resistance and psychological resistance at 9.0000. There is scope for a daily 0.1 x 3 vertical Point & Figure target at 9.1000 to be reached.”

“Minor support sits at the March and April highs at 8.4869/8.4605.”

“Support below the 8.2965 mid-May low is seen at the late November and December highs and April low at 8.0530/7.9775. Further down lies the March 8 high at 7.7881. Below it the March 17 high and March 23 low can be spotted at 7.6923/7.6413 and the November low and January high can be seen at 7.5439/7.5195”.

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD bounces off four-day lows, still below 1.3500

GBP/USD sticks to the bearish tone on Thursday, coming down to the 1.3480 region in the latter part of the NA session. In the meantime, Cable’s weakness comes as investors continue to assess mixed UK data, poor US results, and the persistent uncertainty surrounding the US-Iran conflict.

EUR/USD clings to gains near 1.1530

EUR/USD advances marginally, girating around the low-1.1500s on Thursday. Persistent uncertainty in the Middle East fuels risk aversion, limiting the US Dollar’s downside potential. Earlier in the day, both US Producer Prices and weekly Claims missed market consensus, adding to the buck’s soft tone.

Gold loses the grip, recedes toward $4,350

Gold extends its intraday pullback on Thursday, retesting the $4,350 zone per troy ounce, or three-day troughs. Meanwhile, the yellow metal continues to monitor developments from the Middle East as well as bets surrounding the potential Fed’s rate path.

Crypto Today: Bitcoin, Ethereum, XRP remain sluggish amid mixed ETF flows

The cryptocurrency market continues to trade sideways on Thursday, with Bitcoin struggling to reclaim the $64,000 level. Ethereum is attempting to build momentum near the key $1,900 resistance, while Ripple maintains support above $1.00, yet upward movement remains limited.

Week ahead – Summer lull could be tested by geopolitics and central bank expectations

US dollar stabilizes as September Fed hike bets remain subdued. Market volatility stays low, but thin liquidity could amplify movements. Key UK data could challenge pound strength; euro craves bullish catalysts.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.