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24 Jan 2022

USD/TRY Price Analysis: Finally shifting gears beyond key resistance

USD/TRY is now starting to make a move to the upside.
The bulls will be looking for a break of prior highs for the sessions ahead.

The price of USD/TRY has been consolidating for the entire month above the 21-day moving average and capped below a significant area of resistance:

USD/TRY daily chart

However, the bulls are taking control as they take on the first layer of resistance as follows:

The M-formation is a reversion pattern and the price has broken the neckline resistance at 13.4241 which would now be expected to act as support. Given the turmoil in markets and probabilities of escalation of tensions in Central Asia, the US dollar's bias is to the upside:

DXY daily chart

The US dollar, as measured vs a basket of major currencies in the DXY index, has been testing the 61.8% ratio that meets with prior highs as a firm layer of potential support for the sessions ahead.

Jan 24, 2022

NZD/USD drops under 0.6700 for first time since November 2020

The NZD/USD sell-off that really got kicking last Thursday when the pair breached long-term uptrend support and tumbled below 0.6750 continued on Mond

USD/CHF Price Analysis: Trims some of Friday’s losses, hovers around 0.9130s

After finishing the last week in the red, the USD/CHF trims some of Friday’s losses amid a risk-off market mood. At press time, the USD/CHF is trading