USD/TRY Price Analysis: Aims to confirm double top bearish pattern below 8.8000

USD/TRY holds lower ground after breaking two-week-old support line.
Bearish MACD backs sellers targeting 100-SMA, confirmation of double tops.
Buyers can refresh record tops on rejecting the bearish chart formation.

Anil Panchal FXStreet

USD/TRY bears catch a breather around 8.6900, following the heaviest daily fall in a week, during early Tuesday. The Turkish lira (TRY) pair broke an ascending support line from June 11 the previous day before trading in a small range surrounding 8.7000.

Not only the pair’s trend line breakdown but bearish MACD also favors sellers to confirm the bearish chart pattern, namely double top.

However, 100-SMA around 8.6175 acts as the tough nut to crack for the USD/TRY bears before directing them towards the monthly low of 8.2775. During the fall, the mid-June tops near 8.5900 may entertain the sellers.

Alternatively, corrective pullback needs to cross the previous support line, near 8.7400, to recall the buyers.

Even so, the monthly high, also the record top, close to the 8.8000 psychological magnet, will be a tough challenge for the USD/TRY bulls ahead of refreshing the all-time high towards the 9.0000 round figure.

Overall, USD/TRY seems to tease the bears even when bulls aren’t out of the woods.

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.

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