USD/TRY Daily Technical Analysis | 1 February 2018
2018-02-01 08:49 am | Resource: Technical Analysis Section | No Views : 315
The pair is trading in a major bearish direction while our short-term outlook is neutral due to trading in a narrow range around the support level 3.7411 and the SMA 20 is neutral as a result of the pair's interaction.
RSI 14 broke through the bearish trend line during the US session yesterday and then began to move sideways (neutral signal).
It is expected that, if the pair breaks the currency against the Turkish currency 3.7335 may target areas of 3.72, but if the breach of the level of 3.7526 may target 3.7865.
Support: 3.7411 - 3.7007 - 3.6484
Resistance: 3.799- 3.8424 - 3.8973
The dollar traded lower against the currencies as traders were also wary of looking for riskier assets awaiting developments on the trade front. The Fed cut its target overnight rate by a quarter percentage point on Wednesday, to a level of 1.75% to 2.0%, to offset slowing global growth and the risks partly associated with President Donald Trump's trade battles with China. This was the second Fed rate cut this…
- Pound Falls and Bank of England Warns of Brexit Postponement 12:02 pm2019-09-19
- Pound is retreating after Juncker's comments of disagreement and UK inflation data 11:18 am2019-09-18
- Dollar index stabilized against currencies ahead of Fed meeting 01:16 pm2019-09-17
- Dollar rises against major currencies after attacks on Aramco 01:47 pm2019-09-16
- Pound Sterling rises against its major as Britain exits Europe 01:30 pm2019-09-13
- Euro against major falls after European Central Bank rate cut 01:12 pm2019-09-12
- Dollar Rises, Yen and Franc Slump as Risk Appetite Rises 12:17 pm2019-09-11
- pound fell against the major currencies and the expectation of the Brexit 12:59 pm2019-09-10
- pound jumps to a 6-week high after Boris Johnson's remarks 11:41 am2019-09-09