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Dollar On Firm Footing

ByTFI Markets
Published 09/04/2013, 04:49 AM
Updated 04/25/2018, 04:40 AM

The dollar was on a firm footing in this session but despite that we hadn’t have anything major to shake the waters. We are entering into Central Bank days today as BOJ,BOE and ECB are all meeting today and tomorrow and traders keep minimum positions ahead of these risk events that may turn things either way. The Aussie is clearly the ‘winner’ of the session as it is the only currency that gains against the greenback at the moment and it is trading at 0.9100 up 0.45% since opening.
Technical Analysis
Trade Idea

USDTRY Daily Chart:

The pair is in a strong uptrend as it is recording all-times highs. This rally is fuel by fundamental and political reasons. The crisis that stars to unfold in developing countries on one hand, the Syria turmoil on the other, the recent events in Turkey and the potential FED monetary contraction, all lead the pair North. It can be bought at dips as a medium-long term investment as long as the trend continues.
USD/TRY
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