USD/TRY: Dollar resumed growth

February 16, 2016

Current trend

Since the beginning of this week, the pair continues strengthening amid some reduction in anxiety on the market. The Dollar was supported by data on Retail Sales that came out in the US on Friday. In January, the index grew by 0.2% that was slightly better than forecasts of economists. At the same time, the Turkish Lira remains under pressure due to growing tensions around the Syrian conflict.

Support and resistance

Bollinger Bands on the daily chart is turning horizontally while the price range is narrowing. MACD is growing and giving a quite strong buy signal. Stochastic is near the middle of its range and turning up again.

The indicators recommend waiting for clearer trading signals.

Support levels: 2.9295, 2.9173 (10 February low), 2.9000, 2.8893 (4 February low), 2.8702 (3 December 2015 low).

Resistance levels: 2.9534 (local high), 2.9631 (3 February high), 2.9837, 3.0050, 3.0268.

Trading tips

Long positions can be opened after the breakout of the level of 2.9534 with the target at 2.9837 and stop-loss at 2.9350. Validity – 1-2 days.

Short positions can be opened after the price rebound from the level of 2.9534 with the target at 2.9173 and stop-loss at 2.9750. Validity – 2-3 days.

Publication source
LiteForex information  LiteForex reviews

December 8, 2016
U.S. equities post a new record high. Euro looks to ECB meeting
U.S. equities edged higher to post new highs in yesterday's trading marking one of the strongest one day gains since the November elections. The DJIA gained 1.6% while the S&P500 closed with 1.3% gains...
December 8, 2016
US equities jump sharply
US markets saw a massive rise today as the Dow was up 300 points and the S&P 500 was up 29 points showcasing that investors believe the advent of Trump will have a positive effect on the US economy.
December 7, 2016
GBP falls as industrial & manu. production miss
The pound has come under pressure in London trading today. EURGBP buying has been a driver, with the cross rallying some 0.5% to a peak of 0.8510, since ebbing to around 0.8490. Gains failed to sustain above the 20-day moving average, which is at 0.8503...

HYCM Rating
EXNESS Rating
Vantage FX Rating
Trade360 Rating
FIBO Group Rating
FOREX.com Rating

Beeoptions Rating
TropicalTrade Rating
Porter Finance Rating
EZTrader Rating
OptionBit Rating
365BinaryOption Rating