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USD/TRY opened the week at 46.08405 and closed at 46.25243, marking a gain of 168 pips or 0.36%. The pair touched a weekly high of 46.25246 on Friday and found support at 46.04673 on Tuesday. Daily ranges remained relatively tight until Thursday's breakout pushed the pair through the 46.20 resistance level.
Thursday's surge from 46.14431 to 46.2426 drove most of this week's gains. The move coincided with broader emerging market weakness as risk sentiment shifted. Volume patterns tell the story: Monday through Wednesday averaged over 47,000 contracts daily. Friday's volume dropped to just 10,705 contracts as traders squared positions ahead of the weekend, suggesting the 46.25 level may face a test when full liquidity returns.
No high-impact Turkish or US economic releases appear on next week's calendar. Without scheduled catalysts, USD/TRY will likely track broader dollar momentum and emerging market flows. If risk-off sentiment persists, the next major resistance sits at the round number above current levels. A return to risk-on conditions could see the pair test Thursday's breakout point near 46.14.
The weekly high at 46.25246 stands as immediate resistance. If price closes above this level, the path opens toward the next psychological level. Support sits at Thursday's open of 46.14431, then the weekly low at 46.04673. A daily close below 46.10 would suggest the breakout has failed and bring the 46.00 handle back into play.
Byline: LHFX Research
Risk disclaimer. CFD trading involves substantial risk and is not suitable for every investor. Leverage works both ways and can amplify losses beyond your initial deposit. The analysis above is general market commentary and does not constitute investment advice or a recommendation to buy or sell any instrument. LHFX is regulated by the FSC Mauritius and the FSCA in South Africa.