USD/TRY Price Analysis: Consolidates losses around four-month low, bears in control
|- USD/TRY eases from intraday top, snaps three-day downtrend.
- Monthly falling trend line, sustained break of 100-day EMA favor sellers.
- 61.8% Fibonacci retracement, two-week-old resistance line guard immediate upside, RSI conditions hint at a corrective pullback.
USD/TRY keeps bounce off the lowest since May 10, despite easing of late, up 0.10% intraday around $8.2850 as European traders brush their screens for the key Friday.
In addition to the widely chattered US Nonfarm Payrolls (NFP), Turkish Consumer Price Index (CPI) data for August, expected to ease to 0.6% MoM versus 1.8% prior, also becomes important for the pair traders.
Technically, nearly oversold RSI conditions back the pair’s latest corrective pullback. However, downward sloping trend lines from August 11 and 20, respectively around $8.3300 and $8.3840, join clear trading below 100-day EMA, around $8.3840, to keep the bears hopeful.
It’s worth noting that the recovery moves will also find a 61.8% Fibonacci retracement level of April–June upside, near $8.3155, as an immediate hurdle.
Meanwhile, May’s monthly low of $8.2160 and the late April bottom surrounding $8.1300 challenge the quote’s short-term downside.
In a case where USD/TRY keeps reins past $8.1300, the $8.100 threshold and April 15 low of $8.0130 should return to the charts.
USD/TRY: Daily chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.