Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
17 Nov 2020

USD/TRY Price Analysis: 5-day SMA caps recovery

  • USD/TRY's bounce stalls at a bearish SMA hurdle. 
  • The pair risks falling to key support at 7.4818.

USD/TRY jumped by 0.63% on Monday, ending a three-day losing streak. So far, however, the currency pair has struggled to extend Monday's recovery beyond the 5-day simple moving average (SMA) located at 7.6912. 

A continued failure to beat that downward-sloping SMA hurdle would reinforce the immediate bearish bias and open the doors to re-test of the 100-day SMA, currently at 7.4818. The 14-day relative strength index continues to report bearish conditions with a below-50 print. As such, the 5-day SMA hurdle is likely to prevail. 

The trendline rising from January and July lows is located near the 100-day SMA. As such, acceptance under that average would confirm an end of the 2020 bullish trend. On the higher side, the pair needs to cross the former support-turned-resistance at 7.7787 (Oct. 22 low) to invalidate the bearish bias. 

Daily chart

Trend: Bearish

Technical levels

Resistance: 7.7787 (Oct. 22 low), 7.8613 (50-day SMA)

Support: 7.5985 (Monday's low), 7.4818 (100-day SMA)

Nov 17, 2020

AUD/USD Price Analysis: Up for a bumpy road above 0.7300

AUD/USD keeps mild gains above 0.7300, currently around 0.7322, during early Tuesday. The pair’s sustained trading beyond 50-bar SMA and an upward slo
Read more Previous
Nov 17, 2020

Asian Stock Market: Bulls struggle to cheer vaccine-backed optimism

Asian equities fail to keep the early-day gains as vaccine-led positive sentiment fails to encounter fresh fears from the coronavirus (COVID-19) wave
Read more Next