SimpleFX Blog
    Facebook Twitter Instagram
    Monday, August 15
    Facebook Twitter LinkedIn Telegram YouTube
    SimpleFX BlogSimpleFX Blog
    Banner
    • Home
    • News
    • Tutorials
    • Updates
    • Opinion
    • Trading Academy
    • Trading Schedule
    SimpleFX Blog
    Home»Analysis»Is Turkish Lira Heading for the New Record Lows?
    Analysis

    Is Turkish Lira Heading for the New Record Lows?

    Zach WrightBy Zach WrightSeptember 28, 2021Updated:September 28, 2021No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email

    After unexpected rate cuts last week the Turkish lira hit a historic record against majors. Our technical analysis suggests the trend may continue, however at this level some investors may see the currency attractive at a discount price. Nevertheless, USDTRY continues to soar.

    In the second part of our analysis, we examine the NEOUSD. The cryptocurrency is also having bad times, as we wonder what support levels are coming next for the pair.

    SimpleFX USDTRY Chart Analysis: September 28, 2021

    Most likely, for the USDTRY pair, we see the construction of a sideways trend that moves within the horizontal green channel with a downward slope.

    In the last section of the chart, we see that the price touched the lower green line, after which it began to move up within the ascending yellow channel. The price has grown quite quickly over the past month and now it is near the upper green line. It is assumed that soon the bulls will break through the resistance level of 8.896, after which the market growth will continue to a higher resistance level of 9.314, which is on the upper yellow wall.

    If the bulls do not have enough strength to break through the green wall, then the price will push off from it and begin to fall in the direction of the lower yellow wall and the support level of 8.680. With a successful break of this price level, market participants can expect a decline in the pair to the lower green line and the support level of 8.260.

    SimpleFX NEOUSD Chart Analysis: September 28, 2021

    For the NEOUSD cryptocurrency pair, we see the formation of a large uptrend, which moves within the large green channel.

    For a long time, the price grew from the lower green wall to the upper green wall. Not so long ago, we saw how the bulls, having reached the upper green line, weakened their positions and gave way to the bears. Over the past two weeks, the NEOUSD pair has been moving down within a small yellow channel.

    There are two possible scenarios. In the first case, the bearish price move is expected to continue to the lower green wall and the support level of 28.68. If this price level breaks, the decline can be continued to the lower yellow line and the support level of 23.99.

    In the second case, we expect the market to grow to the resistance level of 41.28, which is on the upper yellow line. With a successful break of this level, the bulls can start pushing the market to a higher resistance level of 68.49, which is on the upper green line.

    featured
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleDash and Monero now Listed on SimpleFX
    Next Article Trading Schedule Changes in Hong Kong
    Zach Wright

    Related Posts

    Two Scenarios for BTCUSD in 2022

    August 12, 2022

    BlackRock Inc. To start a private investment fund.

    August 12, 2022

    Bitcoin Breaks $24 with Authority

    August 11, 2022

    Leave A Reply Cancel Reply

    Copyright © 2022. SimpleFX
    • SimpleFX WebTrader
    • Unilink Affiliate Tracker

    Type above and press Enter to search. Press Esc to cancel.

    We and our partners use cookies for analytics purposes and to serve personalized ads. You can view our privacy policy here and our cookies policy here
    Accept.
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT