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    Technical Analysis – USDTRY maintains bullish outlook

     

    USDTRY gapped higher on Monday following Turkey’s election results. The pair surged to a record high at 2.8086 after breaking what was resistance at 2.7426 (April 24 high). This level is now acting as support on Tuesday. A break back below would bring the bias back to neutral and into the range that the USDTRY was trading in (between 2.5598 and 2.7426.

    RSI rose sharply and approached overbought levels at 70 but there is still room for more upside momentum. The short-term outlook remains positive and there is scope to target a key psychological level of 2.8100 since the market is above the daily Ichimoku cloud. The tenkan-sen is above the kijun-sen line and is pointing north so this is a bullish sign. A next target would be 2.8466, which is the 161.8% Fibonacci extension level of the 24th of April – 21st of May decline

    To the downside, immediate support is seen at the top of the cloud at 2.6708. A break below the low of 2.5598 would shift the outlook to a more bearish one.

    The outlook for now shows potential for more upside as the market is trading in well above the 200-day moving average.

    USDTRY gapped higher on Monday following Turkey’s election results. The pair surged to a record high at 2.8086 after breaking what was resistance at 2.7426 (April 24 high). This level is now acting as support on Tuesday. A break back below would bring the bias back to neutral and into the range that the USDTRY was trading in (between 2.5598 and 2.7426.

    RSI rose sharply and approached overbought levels at 70 but there is still room for more upside momentum. The short-term outlook remains positive and there is scope to target a key psychological level of 2.8100 since the market is above the daily Ichimoku cloud. The tenkan-sen is above the kijun-sen line and is pointing north so this is a bullish sign. A next target would be 2.8466, which is the 161.8% Fibonacci extension level of the 24th of April – 21st of May decline

    To the downside, immediate support is seen at the top of the cloud at 2.6708. A break below the low of 2.5598 would shift the outlook to a more bearish one.

    The outlook for now shows potential for more upside as the market is trading in well above the 200-day moving average.

     

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