USD / TRY Price Analysis: Bulls Keep Hope Beyond 13.75
USD / TRY remains closes around 13.83, up 0.18% on forex during its fourth day ahead of Tuesday’s European session.
- USD / TRY prints a four day uptrend in forex below the weekly resistance line.
- The lower-high formation tests the bulls in the midst of an almost overbought RSI.
- 50-HMA, the short term uptrend line challenges the bears.
Even so, the marked lower formation since last Thursday portrays the bull’s exhaustion amid near-overbought RSI conditions.
However, a convergence of the SMA-50 moving average and an ascending trendline from last Wednesday, around 13.75, put a floor below prices.
If the quote falls below 13.75, the SMA-200 moving average level at 13.06 and the threshold at 13.00 will draw bears to the USD / TRY pair.
Meanwhile, further advances look to the near-term resistance line near 13.95, then the round 14.00 figure before rising to refresh the historic high.
In doing so, the round number of 15.00 may attract the attention of the market before the ultimate psychological level of 20.00.
1 hour USD / TRY chart
Tendency : bearish withdrawal expected
Par Anil Panchal, FXStreet
Worked with Edelweiss Financial Advisors Ltd from 2007 to 2013 as a research analyst for the commodities sector. Subsequently, Anil joined Admiral Markets from April 2013 to January 2019 where he worked as a Forex analyst. The roles of the job at both locations were to follow the macroeconomics and conduct fundamental and technical analysis of commodities and the Forex market, respectively. At FXStreet, he primarily writes Asset / Tech news articles on various currency pairs, commodity pairs and even some equity markets. It also helps provide macro / event data overviews and bank reports whenever needed.
The opinions expressed here are those of the author alone and do not necessarily reflect the views of Forex Quebec. Every investment and trading move comes with risk, you should do your own research when making a decision.
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