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Analytical Reviews

Forexmart's analytical reviews provide up-to-date technical information about the financial market. These reports range from stock trends, to financial forecasts, to global economy reports, and political news that impact the market.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Elliott wave analysis of USD/TRY for June 9, 2023
00:15 2023-06-09 UTC--4

Just a few weeks ago on May 24, we took a look at USD/TRY and called for more upside towards at least 20.93 and possibly higher towards 26.92 as the next upside targets. Well, 20.93 has been broken without any problems, not even the slightest consolidation and USD/TRY is now headed higher towards 26.92.

Inflation in Turkey is already a major problem and the risk of hyperinflation is huge. If Turkey enters the stage of hyperinflation, then 26.92 or even 30.74 will be surpassed as there is no resistance there at all. Turkey is in a tough spot at the moment and newly appointed Central Bank chief Hafize Gaye Erkan is facing some serious decisions.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.