USDTRY

The USD/TRY pair fluctuates due to global developments. A general strengthening trend is observed in emerging market currencies with the positive trend in Asian markets and the positive news coming from the US. However, the Turkish Lira is struggling to benefit from this positive atmosphere and is showing a weaker performance compared to other currencies. Most of the interest is focused on global economic developments and the interest rate policies of major central banks. Specifically, the upcoming PCE inflation and growth data from the US and the Eurozone inflation data could determine the short-term movements of the pair.

Technically, the USD/TRY pair is fluctuating around the level of 34.46. In the 4-hour chart, the levels of 34.39, 34.33, and 34.22 can be observed as support, while the levels of 34.58, 34.67, and 34.74 are monitored as resistance. The RSI indicator is at level 48, indicating a neutral outlook. The pair shows weak performance with a 0.24% decline in the current price action. As long as it remains above the 34.33 level, which is the lower point of the Envelope indicator, upward movements are expected to continue. However, if the level of 34.67 is surpassed, the likelihood of the current trend strengthening may increase.