USDTRY

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USDTRY

The USD/TRY pair is showing a limited strengthening despite the resilient stance observed against the dollar across emerging markets. The Turkish Lira has appreciated by 0.04% against the US Dollar, but the pair is still trading close to the 34.27 level. The positive sentiment in Asian markets has created cautious optimism in the markets ahead of the US elections. However, the upcoming US election and expectations of a Fed rate cut are creating uncertainty in the markets. Since these uncertainties have the potential to increase demand for the dollar, the pressure on the Turkish Lira may persist.

Technically, the USD/TRY pair continues its upward movement. When examining the 4-hour time frame chart, the 34.30 level is monitored as support, while 34.37 and 34.43 levels are resistance in upward movements. The RSI indicator is at 54, exhibiting a positive trend. The pair has shown a slight change of 0.02% compared to the previous day. Current technical indicators suggest that the upward trend in the pair may continue. However, if a sustained move below the 34.30 support is observed, it should be considered that selling pressure may increase.

Support :

34.3 - 34.22 - 34.16

Resistance :

34.37 - 34.43 - 34.51