- Analytics
- News and Tools
- Market News
- USD/TRY: Risk of a short-term pullback only on a break below 29.85 – SocGen
USD/TRY: Risk of a short-term pullback only on a break below 29.85 – SocGen
USD/TRY has established above the 30.00 level. Economists at Société Générale analyze the pair’s technical outlook.
Beyond 30.72, next objective is located at 31.65
USD/TRY has experienced a relentless uptrend after cross above last August high. It has tested the upper limit of a multi-month channel near 30.60/30.72. The move is overstretched but reversal signals are not yet visible. Lower band of the channel at 29.85 is near-term support.
Only if the pair breaks 29.85 would there be risk of a short-term pullback.
Beyond 30.72, next objective is located at projection of 31.65.
© 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.
Bank transfers
