Forex Market: USD/TRY daily trading forecast

Written by Miroslav Marinov

Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.

, | Updated: October 30, 2024

Yesterday’s trade saw USD/TRY within the range of 2.2558-2.2822. The pair closed at 2.2686, gaining 0.39% on a daily basis.

At 7:30 GMT today USD/TRY was down 0.10% for the day to trade at 2.2664. The pair touched a daily low at 2.2658 at 7:31 GMT.

Fundamentals

United States

Job Openings and Labor Turnover Survey

The number of job openings in the United States probably rose to 4.823 million in October from 4.735 million in the prior month. This indicator refers to all positions that are open, but not filled on the last business day of the month. Job openings are part of the Job Openings and Labor Turnover Survey (JOLTS), which gathers data from about 16 400 non-farm establishments including retailers and manufacturers, as well as federal, state, and local government entities in the 50 states and the District of Columbia. The survey assesses the unmet demand for labor in the labor market. Higher-than-projected number of openings is usually dollar positive. The Bureau of Labor Statistics is to release the official data at 15:00 GMT.

Turkey

Retail sales

At 8:00 GMT the Turkish Statistical Institute is expected to report on the retail sales index for October. In September annualized sales rose at a pace of 4.1%, or the most since June, when they were reported to have increased 5.2%. In monthly terms, retail sales climbed 1.0% in September, after a 0.1% drop in August. This indicator reflects the change in the total value of inflation-adjusted sales by retailers in the country and provides key information regarding consumer spending trend in a shorter term, while the latter is a key driving force behind economic growth. Therefore, higher-than-anticipated rates of increase in sales usually provide support to the local currency.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 2.2689. In case USD/TRY manages to breach the first resistance level at 2.2819, it will probably continue up to test 2.2953. In case the second key resistance is broken, the pair will probably attempt to advance to 2.3083.

If USD/TRY manages to breach the first key support at 2.2555, it will probably continue to slide and test 2.2425. With this second key support broken, the movement to the downside will probably continue to 2.2291.

The mid-Pivot levels for today are as follows: M1 – 2.2358, M2 – 2.2490, M3 – 2.2622, M4 – 2.2754, M5 – 2.2886, M6 – 2.3018.

In weekly terms, the central pivot point is at 2.2462. The three key resistance levels are as follows: R1 – 2.2810, R2 – 2.3009, R3 – 2.3357. The three key support levels are: S1 – 2.2263, S2 – 2.1915, S3 – 2.1716.