OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/TRY: Short-term bullish correction - Commerzbank

Analysts at Commerzbank, point out the USD/TRY pair posted a close above the 4 month downtrend line and confirmed a short-term correction higher.

Key Quotes: 

“USD/TRY’s minor stabilisation above the November low at 5.1331 is ongoing with it remaining above the 2018 support line and the 200 day moving average at 5.0560. If reached, we would expect the cross to stabilise there, something the positive divergence on the daily RSI is pointing to as well.”

“If a continued decline were to be seen, however, the May and mid-July highs at 4.9624/4.9233 may also be reached. The currency pair may well stabilise there. Minor resistance sits between the 5.5329 mid-October low, the 5.5423 November high and the 55 day moving average at 5.5921.”

“While the cross remains below the mid-August low and the late October high at 5.6972/5.8692, we will retain our medium term bearish forecast.”
 

Gold and silver in bearish territory, testng key support zones, US dollar on top

The yellow metal underperformed on Tuesday, weighed by a second straight session of gains for the U.S. dollar and despite concerns that the US and Chi
Read more Previous

Eurozone: Expansion has lost momentum but recession discussions are premature - Danske Bank

According to the Eurozone growth outlook presented by Danske Bank analysts, recession discussions are premature and expect the expansion to continue o
Read more Next
Start livechat