USD/TRY Price Analysis: Consolidates around $9.59, weekly triangle in focus

USD/TRY eases inside one-week-old ascending triangle amid bearish Momentum line.
Three-week-old rising support line challenge bears, bulls need $9.6330 break for run-up to refresh all-time high.

Anil Panchal FXStreet

USD/TRY traders struggle inside a one-week-old bullish chart formation during the pre-European session on Monday. The pair’s consolidation from record top takes clues from a downbeat Momentum line, flashing 0.10% intraday loss around $9.5970 by the press time.

Even so, the support line of the stated triangle and 20-SMA challenge the pair sellers near $9.5540, a break of which will direct the quote towards an ascending support line from October 8, close to $9.4960 at the latest.

In a case where the USD/TRY consolidation lasts longer than $9.4960, the October 19 peak of $9.3765 will be in focus.

Meanwhile, bulls await a clear upside break of the $9.6330 level, comprising the resistance line of the stated triangle, to take fresh entries.

Following that, the latest record peak of $9.8505 and the $9.9000 threshold will gain the USD/TRY bull’s attention.

To sum up, the pair remains in a bullish consolidation mode and may correct further should it confirms the rising triangle breakdown.

USD/TRY: Four-hour chart

Trend: Further upside expected

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.