- 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.
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
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.