Traders Beware!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Darius Anucauskas

USD/TRY In Correction Mode Right Now

Overall, USD/TRY is still trading above its medium-term upside support line, taken from low of August 8th. After hitting resistance near the 5.934 zone on October 14th, the pair started sliding and it looks like it may end up testing the above-discussed upside line. As long as the rate stays above that upside line, we will class the current move down as a temporary correction before another leg of buying. This is why we will remain cautiously-bullish, at least for now. 

A small drop below the 5.754 hurdle, marked by the low of October 18th, could force USD/TRY to test the aforementioned upside support line. If it holds, the rate might rebound and move back above the 5.754 hurdle. Such a move could get more buyers excited again, as it may increase the pair’s chances of pushing further north. We will then examine the 5.869 barrier, as our next potential resistance, which is the high of this week. If that barrier is a no-match for the bulls, its break may open the door for a move to the 5.934 level, marked by the high of October 14th.

Our oscillators, the RSI and the MACD, support the idea of seeing a small move lower first. The RSI is now closer to its 20 territory and continues to point lower. The MACD is below zero and its trigger line, and also points a bit lower. 

On the other hand, if the previously-mentioned upside line breaks and the rate falls below the 5.710 hurdle, marked by the highs of October 3rd and 4th, this could spook the bulls from the field in favour of the bears. USD/TRY might then slide to the 5.666 obstacle, a break of which may send the pair to the 5.634 zone, which is the low of September 30th. The rate may stall around there, or even correct back up a bit. That said, if USD/TRY continues to trade below the aforementioned upside line, this could result in another round of selling, possibly bringing the pair to the 5.634 area again. If this time that zone surrenders to the bears and breaks, the next potential support level to consider might be the 5.587 level, marked by the high of August 18th. 

USDTRY 4hour


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with the Company. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

Copyright 2019 JFD Group Ltd.