Slobodan Drvenica
Windsor Brokers
USDTRY
The Turkish lira holds firmer tone on Monday, following results of local elections which showed that President Erdogan’s ruling party lost control of the capital and showed much weaker results in other big cities.
The USDTRY pair stands at 5.5220 in US session on Monday, down from European high at 5.6980 and tested strong support provided by the top of thick daily cloud, which so far holds.
Repeated strong upside rejections (Friday / today) and changing sentiment after Erdogan’s party defeat in big cities could partially offset negative impact from rising concerns about fresh crisis which caused lira’s loss of 30% last year and further boost lira.
Break of key obstacles at 5.5181 and 5.4828 (daily cloud top / converged rising 20/200SMA’s) would spark fresh lira’s rally.
Markets need to digest election results to generate fresh direction signals, however, the outlook for lira is expected to remain weak if key 200SMA support resists attack.
Res: 5.6358; 5.6718; 5.6980; 5.7142
Sup: 5.5144; 5.4828; 5.4297; 5.3800
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.