Technically, USD/TRY is stuck in a sideways range between the 13.00 and 14.00 areas. From a political front, the lira could find further stability as we approach planned elections scheduled for no later than mid-2023.
The economic turmoil has already started to hit President Erdogan's opinion poll ratings as Erdogan's scheme to curb the lira's weakness has been seen to fail.
However, as the technical outlook stands, there is a case for both the bulls and bears while the price continues to consolidate in familiar territory as follows:
The price is on the verge of either a breakout to the upside or downside according to the daily chart's structure and price action. Zooming in, we can identify a resistance according to the M-formation's neckline as follows:
The M-formation is a reversion pattern that has a high completion rate of the rice moving back in to test the neckline of the formation. In this case, there was very little in the way of downside before the correction. Therefore, at his juncture, the price could well keep going higher to break the structure:
The US dollar, meanwhile, is meeting daily support and would be expected to correct at this juncture, which would lean bullish for USD/TRY:
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.