- USD/TRY remains pressured for the second consecutive day after refreshing record top.
- 100-HMA, weekly support line limits immediate downside as MACD teases bulls.
- 200-HMA adds to the downside filter, $12.80 guards recovery moves.
USD/TRY stays depressed around $12.00, sidelined near $11.93 ahead of Thursday’s European session.
In doing so, the Turkish lira (TRY) pair extends pullback moves from the all-time high marked on Tuesday.
However, a convergence of the 100-HMA and an ascending trend line from November 18, near $11.80-75, becomes a tough nut to crack for the bears considering recently improving MACD conditions.
Even if the quote drops below $11.75, the 61.8% Fibonacci retracement (Fibo.) of November 18-23 upside and 200-HMA, respectively around $11.60 and $11.10 will challenge the USD/TRY bears.
Alternatively, 38.2% Fibo. limits immediate recovery of the pair around $12.35, a break of which will direct USD/TRY buyers towards a confluence of two-day-old resistance line and 23.6% Fibonacci retracement level of $12.80.
In a case where the pair rises past $12.80, Thursday’s high of $13.20 may act as a buffer during the run-up to refresh the record top, currency around $13.50.
USD/TRY: Hourly chart
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.