Platinum price resumed the bullish rally to achieve the suggested target, to achieve the suggested target by hitting $1083.00 facing the resistance of the bullish channel that appears in the above image.

Reminding you that stochastic stability within the overbought level might force the price to provide intraday sideways trading, and the continuation of the current resistance stability might force the price to retest the initial support at $940.00, while breaching the resistance and holding above it will open the way for achieving new gains, forming an initial target at $1100,00 level, reaching the recently achieved top at $1125.00.

The expected trading range for today is between $1055.00 and $1083.00

Trend forecast: Sideways

GBP/USD Forecast: Pound Sterling struggles to clear resistance level after PMI data

GBP/USD retreats to the 1.3400 area in the European session on Thursday after ending the first three days of the week higher. The pair’s technical outlook highlights a loss of bullish momentum as market focus shifts to Purchasing Managers Index (PMI) data releases from the US.

The data from the UK showed early Thursday that the economic activity in the private sector contracted at a softer pace in May than it did in April, with S&P Global Composite PMI recovering to 49.4 from 48.5. Read more…

GBP/USD bullish price action trade [Video]

In this forex trading video we cover the entry,exit reasons and management for our forex trade today on the GBP/USD and how you can trade the forex structure on daily, four, hourly, and 15 minute charts and how you can target the next support/resistance. In the last few videos we covered the steps to find and trade structure. In this video you will learn how we traded the GBP/USD structure today using the trading charts and price action. Read more…

The Turkish Lira (TRY) against the US Dollar (USD) is currently trading at 0.0258, experiencing a sharp decline from its session opening level of 0.0371. This represents a significant negative change of approximately -30.63%, reflecting intense pressure on the Turkish Lira. Throughout the day, the pair has seen a wide price range between a low of 0.0255 and a high of 0.0391, indicating extreme volatility and high market fluctuations.

TRYUSD technical Analysis and Expectations Today:

The pair has been undergoing a sharp decline since the start of the session, with key support levels, notably 0.0300 and 0.0270, being broken. This indicates strong selling momentum. A break below 0.0260 makes 0.0255 a critical support area, and if it’s breached, the price could head towards even lower levels. Technically, Short-term moving averages (such as 20 and 50 days) show a steep downward trend. Also, the Relative Strength Index (RSI) indicates entry into oversold territory, suggesting a potential for a corrective rebound in the near term.

Potential Entry Points:

Bullish Entry Points:

• 0.0255 if clear reversal signals and an upward rebound emerge.
• 0.0248 as a potential technical support level if the decline continues.

Bearish Entry Points:

• 0.0270 if the price rises and resistance appears.
• 0.0285 as a selling opportunity if the price fails to break through this resistance.

TRYUSD Price Weekly Expectations:

Negative pressure on the Turkish Lira is expected to continue this week, with a possibility of testing the critical support at 0.0250. If this support holds, we might see a corrective rebound towards 0.0270 or 0.0280. However, if it breaks, the price could head to lower levels around 0.0240. Also, movements will be tied to any new developments from the Turkish Central Bank or inflation and interest rate indicators.

USD/TRY Trading Signals:

• Selling is advised if there’s a weak upward move towards technical resistances without a strong breakout.
• It’s preferable to monitor for rebound signals before buying from support levels, due to the strong selling momentum.
• Using stop-loss orders is essential given the sharp volatility.

Tips for USD/TRY Traders:

This period is highly sensitive for trading the Turkish Lira, and long-term trading is not recommended until trends become clearer. Day traders can capitalize on the sharp fluctuations, but with strict risk management.

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The DFX Team at DailyForex is a group of veteran financial analysts, traders, and brokerage industry experts dedicated to producing in-depth broker reviews and cutting-edge market insights, plus analysis of market trends. Holding over 16 years of experience in global financial markets, and 4 B.A. level academic qualifications in relevant degrees, we conduct thorough, unbiased evaluations of brokers to enable traders make informed decisions, using the most advanced methodology in the industry. Also, the DFX team is involved in generating technical analysis, signals, and trading strategies, with a consistent commitment to accuracy and transparency. Whether you’re a beginner or a professional trader, the DFX Team works to ensure you have the tools and insights you need to succeed as a trader in the retail CFD industry.

Platinum price resumed the bullish rally to achieve the suggested target, to achieve the suggested target by hitting $1083.00 facing the resistance of the bullish channel that appears in the above image.

Reminding you that stochastic stability within the overbought level might force the price to provide intraday sideways trading, and the continuation of the current resistance stability might force the price to retest the initial support at $940.00, while breaching the resistance and holding above it will open the way for achieving new gains, forming an initial target at $1100,00 level, reaching the recently achieved top at $1125.00.

The expected trading range for today is between $1055.00 and $1083.00

Trend forecast: Sideways

• The USD/JPY forecast suggests increasing demand for the safe-haven yen.

• Trump’s tax bill might add to the US’s already huge debt burden. 

• Traders will keep an eye on US business activity data.

The USD/JPY forecast is bearish, suggesting increasing demand for the safe-haven yen amid fiscal concerns in the US. At the same time, the dollar weakened against the yen after a poor Treasury bonds auction, which pointed to weak demand for US assets.

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The yen extended gains on Thursday after reaching a two-week high against the dollar in the previous session. The rally came as market participants watched the progress of Trump’s tax bill. Although it had faced some resistance from Republicans, the bill might pass the Senate. Trump’s tax bill might add to the US’s already huge debt burden. 

Notably, Moody’s downgraded the US government’s credit rating, citing the country’s growing debt. The move further weighed on investor confidence in US assets. 

However, the dollar got some support against the yen after reports that the US and Japan had agreed that USD/JPY moves reflected fundamentals. Initially, market participants were suspicious that the US would pressure Japan to strengthen the yen. The US has suspected that Japan is keeping the yen weaker on purpose. A strong yen would allow US manufacturers to get a competitive edge.

Meanwhile, traders will keep an eye on US business activity data for clues on future Fed moves. Weak numbers will increase bets for a rate cut in September. The opposite is also true.

USD/JPY key events today

• Unemployment Claims
• Flash Manufacturing PMI
• Flash Services PMI

USD/JPY technical forecast: Sentiment shifts breaks support trendline

On the technical side, the USD/JPY price has broken below a solid support trendline, indicating a bearish shift in sentiment. The price now trades well below the 30-SMA with the RSI in the oversold region, suggesting a strong bearish bias. 

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Initially, the price was in an uptrend, making higher highs and lows. Pullbacks respected the support trendline. However, after the last swing high, bears gained enough momentum to push the price below the 30-SMA and the support trendline. This showed they were ready to change the trend. However, they must still face the 142.55 support level. 

A break below this level would make a lower low, confirming the start of a downtrend. After that, the price would have to continue with a series of lower highs and lows.

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