Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.
USD/TRY: at 16-month resistance
2020-04-15 • Updated
While the battles between the USD and its European and Asian counterparts keep going, the currencies of the developing countries show little resistance to the US dollar. The Turkish lira is one of them.
Coronavirus and the oil price war changed little for the upward tendency of the USD/TRY. Currently, it trades at 6.83 where it tests the 16-month resistance. In the long term, the currency pair has all it takes to reach its all-time high at 7.05 and go further up.
If the dynamics of this currency pair performance keep their pace, the resistance of 6.83 will not take long to get broken. The Awesome Oscillator suggests that the upward movement has not reached its local peak yet, and is likely to continue in the same direction until it reaches the ranges of 6.90. At that level a bearish reversal may be expected. In this case, the support of 6.74 enhanced by the 50-MA will be there to check the downward movement. Additional support may be placed at 6.62 with reference to 100-MA, just in case of severe turbulence. The latter is unlikely, though, but it is better to be prepared for this kind of scenarios.
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