USD / TRY Price Analysis: Bulls Hold Hope Beyond 13.75
USD / TRY remains it closes around 13.83, a 0.18% gain in forex during its fourth day before the European session on Tuesday.
- USD / TRY prints a four-day forex uptrend below the weekly resistance line.
- The lower-higher formation tests the bulls amid a nearly overbought RSI.
- 50-HMA, the short-term uptrend line challenges the bears.
Still, the marked lower formation since last Thursday portrays the bull’s depletion amid near-overbought RSI conditions.
However, a convergence of the SMA-50 moving average and an ascending trend line since last Wednesday, around 13.75, put a bottom below the prices.
If the price falls below 13.75, the SMA-200 SMA level at 13.06 and the threshold at 13.00 will attract bears to the USD / TRY pair.
Meanwhile, further advances are targeting the short-term resistance line near 13.95, then the round 14.00 figure before moving up to update the all-time high.
By doing so, the round number of 15.00 can attract the market’s attention before the final psychological level of 20.00.
USD / TRY 1-hour chart
Trend: bearish withdrawal expected
Par Anil Panchal, FXStreet
He worked with Edelweiss Financial Advisors Ltd from 2007 to 2013 as a research analyst for the commodities sector. Anil subsequently joined Admiral Markets from April 2013 to January 2019, where he worked as a Forex analyst. The job roles in both locations were to monitor the macroeconomics and perform fundamental and technical analysis of commodities and the Forex market, respectively. At FXStreet, he primarily writes asset / technology news articles on various currency pairs, commodity pairs, and even some equity markets. It also helps provide overviews of macro / event data and bank reports when required.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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