I know we've had quite an amazing run these past few month, with over 78% accuracy in our trade ideas and sentiments, and thousands of pips in profits monthly...
USD/TRY: at 16-month resistance
Information is not investment advice
While the battles between the USD and its European and Asian counterparts keep going, the currencies of the developing countries show little resistance to the US dollar. The Turkish lira is one of them.
Coronavirus and the oil price war changed little for the upward tendency of the USD/TRY. Currently, it trades at 6.83 where it tests the 16-month resistance. In the long term, the currency pair has all it takes to reach its all-time high at 7.05 and go further up.
If the dynamics of this currency pair performance keep their pace, the resistance of 6.83 will not take long to get broken. The Awesome Oscillator suggests that the upward movement has not reached its local peak yet, and is likely to continue in the same direction until it reaches the ranges of 6.90. At that level a bearish reversal may be expected. In this case, the support of 6.74 enhanced by the 50-MA will be there to check the downward movement. Additional support may be placed at 6.62 with reference to 100-MA, just in case of severe turbulence. The latter is unlikely, though, but it is better to be prepared for this kind of scenarios.
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus