USD/TRY: the lira is strengthening for OANDA:USDTRY by KirkBarton

Current trend

For two months, the pair USD/TRY has been trading in a downtrend and is currently at 8.3984 (Murrey ).

This week, the lira was supported by officials’ statements. Turkish Vice President Fuat Oktay said the country’s economy will continue to recover. In Q1, it already grew by 7%, and in the future, the pace will accelerate further due to an increase in exports, the volume of which should exceed $200 billion by the end of the year and may reach the government’s goal ($210 billion). August data on Turkey’s economic confidence index released today was positive. The indicator rose for the third consecutive month and reached 100.80 points.

Currently, the price has stabilized around 8.3984 as investors await a speech by US Fed Chairman Jerome Powell at a symposium in Jackson Hole. Experts believe that the head of the regulator will not comment on the timing of the start of monetary stimulus reduction and will declare the need to continue monitoring the economic situation. In this case, the dollar may again fall under pressure.

Support and resistance

The downtrend persists, as evidenced by the downward reversal of Bollinger Bands and growth of MACD histogram in the negative zone, but the upward reversal of Stochastic in the oversold zone does not exclude corrective growth. The level of 8.4960 (Murrey , the midline of Bollinger Bands ) is the key for the “bulls”. Its breakout will give the prospect of growth to 8.5937 (Murrey ) and 8.6914 (Murrey ). Otherwise, the decline may resume to 8.3007 (Murrey ) and 8.2031 (Murrey ).

Resistance levels: 8.3984, 8.4960, 8.5937, 8.6914.

Support levels: 8.3007, 8.2031.

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