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On March 15, Iranian Foreign Minister Araqchi spoke by phone with French Foreign Minister Barrow on the evening of March 14 local time. The two exchanged views on the current US-Israeli military action against Iran and the regional situation. Araqchi pointed out that the provocative actions of the United States and Israel are the root cause of insecurity in the region and the Strait of Hormuz, and strongly condemned the aggressive attacks on Iranian military facilities. He emphasized that Irans defensive actions are only aimed at the military targets of the aggressors, not at regional countries. At the same time, Araqchi stated that the core of the instability in the entire region, including the situation in Lebanon, lies in Israels hegemonic expansion. He called on the international community to adopt a responsible attitude to prevent the conflict from escalating further.Iraqi Oil Ministry: The Kurdish Regional Ministry of Natural Resources is currently refusing to resume oil exports.Israeli Foreign Minister: We share the same determination with the United States to continue the fight against Iran until our objectives are achieved.March 15th - Most Gulf stock markets fell slightly on Sunday. Saudi Arabias benchmark index fell as much as 0.8%, with Rajhi Bank down 0.9% and Saudi National Bank, Saudi Arabias largest lender, down 1.9%; the Qatar index fell 0.5%, with Qatar National Bank, the regions largest lender by assets, down 1.3%; Bahrains benchmark index fell 0.3%; and Omans benchmark index fell 0.4%. The conflict between the US, Israel, and Iran has now entered its third week, with US President Trump threatening further strikes against Irans Kharg Island oil export hub, while Iran has vowed to retaliate. Furthermore, three sources familiar with the situation said the Trump administration rejected efforts by Middle Eastern allies to initiate diplomatic negotiations aimed at ending the war between the US, Israel, and Iran. Trump also called on allies to deploy warships to help secure the Strait of Hormuz, crucial to global energy supplies.March 15 (Xinhua) -- Iranian Foreign Minister Araqchi stated that the end of the war depends on two conditions: ensuring that the war will not be repeated and paying reparations. Araqchi also said that Iran welcomes any regional initiatives that can justly end the war. The Strait of Hormuz is open to everyone, except for ships of the United States and its allies.

USD/TRY Price Analysis: Weekly support breach points to additional drop towards 16.00

Jun 01, 2022 14:48

USD/TRY stays pushed at 16.40, following many days of silence, until early Wednesday morning in Europe.

 

In doing so, the Turkish Lira (TRY) pair justifies the recent negative breach of a one-week-old ascending trend line with lower RSI, not oversold.

 

Given the USD/TRY pair’s frequent failures to renew the yearly high, as well as the current trend line break and stable RSI, the quotation is likely dropping towards the 200-HMA level near 16.20.

 

Around the pair’s decline past 16.20, repeated peaks set during May 25-26 can test the USD/TRY bears around 16.15, a breach of which might drive them to the 16.00 level.

 

Meanwhile, a confluence of the prior support line and recent high at $16.47 shields the short-term USD/TRY upward. Ahead of that, a one-week-old horizontal line at 16.43 may test pair buyers.

 

It’s worth noting that the USD/TRY run-up beyond 16.47 won’t hesitate to reach the 17.00 round figure while seeking the late 2021 high of 18.35.

USD/TRY

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