All Articles Tagged - USDTRY

Technical Analysis – USDTRY trades like a rocket amid unstoppable rally

Posted on November 17, 2021 at 2:19 pm GMT

USDTRY has gone through the roof lately, breaking record high after record high. The pair has gone parabolic this week, with the price currently trading much higher than its upper Bollinger band and still rising. Momentum oscillators are completely overwhelmed. The RSI is already above 90, miles beyond the ‘overbought’ region of 70. The MACD has skyrocketed as well. Both detect accelerating upside momentum. In this environment, it’s difficult to say where resistance may be found. There hasn’t been any [..]

Technical Analysis – USDTRY resumes multi-decade uptrend, hits new record high

Posted on June 3, 2021 at 2:40 pm GMT

USDTRY has been grinding higher in recent months and this week, it hit a new record high at 8.76. There was a major correction between November-February but since then, the pair has resumed its long-term uptrend. The momentum oscillators reflect the latest spike higher, with the RSI testing its 70 level and the MACD having just crossed above its red trigger line. If buyers remain in charge and manage to push the pair above the all-time high of 8.76, that [..]

Daily Market Comment – Crude oil powers higher, dollar quiet after ISM data

Posted on June 2, 2021 at 8:35 am GMT

· Oil prices climb after OPEC signals nothing new · Dollar quiet, equities surrender gains but remain elevated · Loonie rides the oil wave, Turkish lira falls to new record lows OPEC kicks the can down the road Crude oil prices stormed higher yesterday to touch levels not seen since late 2018 after the world’s most powerful oil cartel did not signal any further increases to its production levels beyond July, as some feared. The producers apparently didn’t even discuss [..]

Technical Analysis – USDTRY faces strong losses after 4-month high

Posted on March 22, 2021 at 2:12 pm GMT

USDTRY shifted aggressively to the downside after spiking towards a fresh four-month high of 8.4647 earlier today. The price is trying to recoup the positive gap which was posted during the previous sessions, with the technical indicators showing a mixed behavior. The RSI is sloping down from the overbought territory, whereas the MACD is gaining ground above its trigger line. Should the pair move even lower, immediate support could come around the former crucial resistance area of 7.7687. Below that, the 200-day simple moving average (SMA) at [..]

US Open Note – Turkish lira’s shock waves under control; stocks mildly up

Posted on March 22, 2021 at 1:26 pm GMT

European banks follow Turkish lira lower, but losses under control While the inflation fear factor holds intact in key developed economies even though price indices remain anemic, high inflation has been a truly tragic story in Turkey for a while, forcing the central bank to raise interest rates by two percentage points and more than expected on Friday. Such surprising decisions from emerging markets rarely create any global shock waves, though when President Erdogan, who is a strong opponent to [..]

Technical Analysis – USDTRY converges to key 7.000 mark after four months

Posted on February 12, 2021 at 1:08 pm GMT

USDTRY has fully scrapped August’s rally, meeting the crucial psychological number of 7.000 on Friday after four months on hopes of bringing an end to the ongoing sell-off. Trend signals have worsened following the bearish cross between the 20- and 200-day simple moving averages (SMAs), while the narrowing distance between the 50- and 200-day SMAs could further enhance the odds of trend deterioration if the lines bearishly intersect each other in the next sessions. The RSI and the MACD, however, have been [..]

Technical Analysis – USDTRY halts sell-off near 200-day SMA

Posted on January 4, 2021 at 4:56 pm GMT

USDTRY has been at a near standstill over the past few sessions, but it seems that it has found a pivot point around the 200-day simple moving average (SMA). With the stochastics exiting the oversold area, and the RSI having bounced slightly above its 30 oversold level too, bullish pressures may keep pushing towards the 7.500 barrier, where any break higher may see the test of the 7.679 resistance. Climbing higher, buyers may target the area between the 50-day SMA at [..]

Technical Analysis – USDTRY posts some gains after sharp sell-off

Posted on November 18, 2020 at 1:37 pm GMT

USDTRY has rebounded off the 7.6062 support level, which holds inside the Ichimoku cloud, after the aggressive sell-off from the record high of 8.5764. The RSI is confirming the slight upside retracement, however; the MACD is still extending its bearish movement below its trigger and zero lines. Also, the pair remains underneath the 20- and 50-day simple moving averages (SMAs) and any advances above these lines could open the way for more gains. Immediate resistance could come from the 50- and 20-day SMAs at 7.8520 and 8.0655, [..]

Technical Analysis – USDTRY holds near record high; indicators are overbought

Posted on September 30, 2020 at 1:07 pm GMT

USDTRY surged to a fresh record high on Monday once again, hitting the 7.8605 barrier. The price has been in an ascending movement since December 2018; however, the technical indicators are suggesting an overbought market. The RSI is touching the 70 level, while the MACD is extending its structure above its trigger line. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 261.8% Fibonacci extension level of the down leg from 7.6619 to [..]

Technical Analysis – USDTRY at new record highs; remains strongly positive

Posted on September 8, 2020 at 2:38 pm GMT

USDTRY surged to a fresh record high today, hitting the 7.4390 barrier after surpassing the strong 7.4067 barrier. The price has been in an ascending movement since December 2018; however, the technical indicators are suggesting an overbought market. The RSI is touching the 70 level, while the MACD is losing momentum below its trigger line. Should the pair manage to strengthen its positive momentum, the next resistance could come around the 161.8% Fibonacci extension level of the down leg from 7.6619 to [..]

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