USD/TRY Price Analysis: $13.68 appears tough nut to crack for sellers

USD/TRY remains pressured around intraday low, prints three-day downtrend.
50-SMA, 61.8% Fibonacci retracement limits immediate declines but bearish MACD hints at further weakness.
Three-day-old resistance line restricts recovery moves ahead of February’s top.

Anil Panchal FXStreet

USD/TRY prints mild intraday losses around $13.80, down 0.20% on a day while heading into Tuesday’s European session.

That said, the bearish MACD signals and sustained trading below a 50% Fibonacci retracement (Fibo.) level of January-February upside keep sellers hopeful to conquer the immediate support near $13.80, comprising 50-SMA and 61.8% Fibo.

Even son a convergence of the 100-SMA and an upward sloping trend line from late January becomes strong support to challenge USD/TRY bears around $13.68.

Should the quote drops below $13.68, a downward trajectory towards $13.55 and February’s low near $13.28 can’t be ruled out.

Meanwhile, recovery moves may initially aim for the 50% Fibonacci retracement level of $13.97 before challenging the falling trend line from Thursday, near $14.03.

In a case where USD/TRY bulls cross the $14.03 hurdle, a gradual run-up towards February’s peak of $14.66 can’t be ruled out.

USD/TRY: Four-hour chart

Trend: Further weakness expected

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD stays calm near 1.1650 to begin Fed week

EUR/USD struggles to find direction and trades in a narrow channel near 1.1650 on Monday. Investors refrain from taking large positions ahead of this week's critical Fed policy meeting, allowing the pair to stay in a consolidation phase following two consecutive weeks of bullish action.

GBP/USD edges lower toward 1.3300 as markets turn cautious

GBP/USD corrects lower toward 1.3300 on Monday after posting gains in the previous week. The markets adopt a cautious stance ahead of the highly-anticipated Fed meeting, making it difficult for the pair to gather bullish momentum.

Gold remains stuck near $4,200 as markets gear up for Fed

Gold extends its sideways grind at around $4,200 after posting marginal losses last week. The trading action turns subdued on Monday as market participants prepare for the upcoming Fed meeting, which will provide key insights into the short-term policy outlook.

Bitcoin and Ethereum aim for breakouts as Ripple holds at $2

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds.

The Silver disconnection is real

Silver just hit a new all-time high. Neither did gold, nor mining stocks. They all reversed on an intraday basis, but silver’s move to new highs makes it still bullish overall, while the almost complete reversals in gold and miners make the latter technically bearish.