All Articles Tagged - USDTRY

Technical Analysis – USDTRY rallies above 100-day SMA, but still range-bound

Posted on October 8, 2019 at 12:46 pm GMT

USDTRY rally ceased at 5.85, which is the 50.0% Fibonacci retracement of the down leg from 6.24 to 5.45. The bulls drove the price above multiple resistances within the trading range of 5.64 – 5.84, which commenced around the beginning of September. The short-term oscillators reflect mixed signals. The MACD has inclined above its red trigger line and into the positive zone, while the RSI is midway in bullish territory but heads down. The simple moving averages (SMAs) are skewed [..]

Daily Market Comment – Stocks edge up on cautious optimism for interim US-China trade deal; dollar steady

Posted on October 8, 2019 at 8:30 am GMT

Risk sentiment improves slightly on hopes US and China can reach limited trade deal Stocks, aussie and kiwi up, but most majors stuck in sideways ranges Pound under pressure as EU lists objections to Johnson’s Brexit plan Trade talks resume but little chance of breakthrough US and Chinese negotiators resumed trade talks in Washington on Monday amid a tense environment as the Trump administration added another 20 Chinese public security bureaus and 8 tech companies to its trade blacklist. Although [..]

Technical Analysis – USDTRY caught in narrow range, outlook flat for now

Posted on September 27, 2019 at 12:24 pm GMT

USDTRY has been stuck in a very narrow range, with an upper bound at 5.79 and a lower one at 5.64, since the beginning of September. The near-term outlook is therefore neutral, something also supported by the converging 50- and 200-day simple moving averages (SMAs). A break in either direction of the range is required to set the tone. Reinforcing the flat picture, both the RSI and the MACD are near their neutral levels, providing no directional signals. If the [..]

Technical Analysis – USDTRY may need a bounce above 5.780

Posted on August 13, 2019 at 9:59 am GMT

USDTRY has been making lower highs and lower lows since early May, retracing more than half of the bullish wave with a bottom at 5.154 and a top at 6.243. The smooth recovery in the MACD and the upward-sloping RSI are currently reflecting a bearish-to-neutral bias for the short-term as long as the former holds around its red signal line and the latter below 50. Traders may ask for a closing price above 5.780 to allocate more funds to the [..]

Technical Analysis – USDTRY revisits the 200-day SMA after three-week gradual move lower

Posted on July 30, 2019 at 3:06 pm GMT

The USDTRY recorded multiple red days after a move off the 5.7350 resistance, which was the 23.6% Fibonacci retracement of the down-leg from a seven-and-a-half-month high of 6.2432 to a low of 5.5782. The selling interest brought the price to sit on the 200-day simple moving average (SMA) slightly past the three-month low of 5.5782 formed on July 4. The Tenkan-sen and Kinjun-sen lines are pointing down, agreeing with the negative directional momentum suggested by the MACD and the RSI; [..]

Technical Analysis – USDTRY pulls back from 4-month low; bearish in short term

Posted on July 19, 2019 at 9:34 am GMT

USDTRY has been in a downtrend over the last two months following the pullback on the seven-month high of 6.2440. The pair is holding beneath the 20- and 50-simple moving averages (SMAs), however, the momentum indicators are signaling for some gains in the short-term. The RSI is pointing marginally up in the negative zone, while the MACD posted a bullish crossover with its trigger line below the zero line. In case of another step lower and a penetration of the [..]

Technical Analysis – USDTRY gaps up, but remains confined inside a triangle

Posted on July 8, 2019 at 8:23 am GMT

USDTRY opened with a notable gap higher this week, to test the upper boundary of a longer-term symmetrical triangle, before retreating a little. Given also that price action is taking place between the 50- and 200-day simple moving averages (SMAs), the outlook is neutral for now. A break on either side of the triangle is needed to provide the directional bias. Short-term momentum indicators don’t paint a clear picture either, with the RSI pointing up but being below 50, and [..]

Technical Analysis – USDTRY tumbles below 38.2% Fibonacci and 50-SMA

Posted on May 30, 2019 at 12:22 pm GMT

USDTRY is aggressively diving to a fresh one-month low today, below the 38.2% Fibonacci retracement level of the downfall from 7.1135 to 5.1330 around 5.8855. Looking at the technical indicators, the RSI is slipping below the 50 level, suggesting a downward correction in the daily chart, while the MACD is still falling below the trigger line. Should the pair stretch south and penetrates the 5.8460 support and the 50-day moving average, the April 17 low of 5.7060 could provide immediate support before the pair touches [..]

Technical Analysis – USDTRY flirts with 7-month high; extends positive move

Posted on May 7, 2019 at 1:24 pm GMT

USDTRY has been in a flying mode today, reaching a new seven-month high of 6.1952. Looking at the technical indicators, the RSI is still hovering in the overbought area, suggesting a possible overstretched market in the daily chart, while the MACD rose above the trigger line, confirming the recent bullish tendency in price action. If the market edges higher, the bullish action may pause initially near the 6.2270 resistance, registered on October 2018, while further gains could send prices until the [..]

Technical Analysis – USDTRY challenges 6-month high; trades well above SMAs

Posted on April 24, 2019 at 11:37 am GMT

USDTRY has advanced above the 20- and 40-day simple moving averages (SMAs) and the 23.6% Fibonacci retracement level of the sell-off from 7.1135 to 5.1330, hitting a new six-month high of 5.8753. Looking at the technical indicators, the stochastic is switching to the upside, challenging the overbought territory, while the RSI is approaching the 70 level, confirming the recent bullish tendency in price action in the near-term. If the market corrects higher, the bullish action may pause initially near the [..]

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