USD/TRY: moderate growth continues

January 21, 2016

Current trend

On Wednesday, the USD/TRY pair continued its moderate growth, reaching its new high since the end of September. The US Dollar has managed to hold its positions even after the publication of unexpectedly poor statistics on consumer inflation.

Balance in the pair was supported by the price of oil which was falling below $28 per barrel during yesterday. It should be noted that amid recent events in the global economy and uncertainty over further monetary policy of the Fed, ECB and some other central banks, market participants tend to shift their funds into safe-haven currencies.

Support and resistance

Bollinger Bands indicator on the daily chart is growing while the price range is narrowing down. MACD is declining and keeping a weak sell signal. Stochastic is trying to move down.

It is recommended to wait for clearer trading signals.

Support levels: 3.0268, 3.0050 (13 January low), 2.9837 (8 January low), 2.9573, 2.9295, 2.9000.

Resistance levels: 3.0476, 3.0604 (20 January high), 3.0678 (29 September high), 3.0742 (24 September high), 3.0840.

Trading tips

Long positions can be opened after the breakout of the level of 3.0560 (with appropriate indicators signals) with targets at 3.0740, 3.0840 and stop-loss at 3.0270. Validity – 2-3 days.

Short positions can be opened after the price rebounds down at the level of 3.0476 and declines below 3.0365 with targets at 3.0300, 3.0050 and stop-loss at 3.0450. Validity – 2-3 days.

Publication source
LiteForex information  LiteForex reviews

January 17, 2017
Oil spikes higher on Saudi Oil minister comments
Oil has spiked higher on Al Falih comments in Davos (Saudi oil minister). He said during a panel discussion at WEF in Davos that there will be inflation in the cost of doing business in the oil industry, following the squeeze that accompanied the decline in crude prices...
January 16, 2017
GBP under pressure ahead of May speech
A speech from Theresa May is one of the key events for financial markets this week and certainly the most relevant for the British pound. Primie Minister is about to deliver a speech on UK’s stance and conditions ahead of the triggering article 50 and beginning the Brexit negotiations...
January 13, 2017
Yellen (Fed) with a neutral message but USD starts to fight back
USD was taking damage from the Wednesday Donald Trump specch until yesterday evening. Lack of details on economic and fiscal agenda at the first press conference of the president-elect caused a correction on equities boosted since the US elections...

OANDA Rating
FBS Rating
Larson&Holz IT Ltd Rating
FOREX.com Rating
Grand Capital Rating
OctaFX Rating

Grand Option Rating
Porter Finance Rating
Banc De Binary Rating
Anyoption Rating
OptionRally Rating
TropicalTrade Rating