USD/TRY Currency Pair Forecast

USD/TRY currency pair price down 0.0578% on Wednesday
(Updated on May 22, 2024)

USDTRY Signals & Forecast

There are few to no technical positive signals at the moment. The USD/TRY currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at TRY 32.19 and TRY 32.34. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -1.23%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). USD/TRY gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for USD/TRY currency pair

USD/TRY finds support from accumulated volume at TRY 32.11 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved TRY 0.0248 between high and low, or 0.0773%. For the last week the currency pair has had daily average volatility of 0.322%.

Our recommended stop-loss: TRY 30.95 (-3.69%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 39 days ago.)

Trading Expectations (USDTRY) For The Upcoming Trading Day Of Thursday 23rd

For the upcoming trading day on Thursday, 23rd we expect USD/TRY to open at TRY 32.15, and during the day (based on 14 day Average True Range), to move between TRY 31.95 and TRY 32.33, which gives a possible trading interval of +/-TRY 0.193 (+/-0.60%) up or down from last closing price. If USD/TRY takes out the full calculated possible swing range there will be an estimated 1.20% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at TRY 32.11 (0.07%) than the resistance at TRY 32.35 (0.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is USD/TRY currency pair A Buy?

USD/TRY holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: -0.222 Hold/Accumulate Unchanged

Predicted Opening Price for USD/TRY of Thursday, May 23, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.