USD/TRY Price Analysis: Bulls keep eyes on 9.7000 above 21-day SMA

USD/TRY shrugs off the previous day’s decline on Tuesday.
The cross-currency pair peaked all time high at 9.8505 before retreating toward 9.5418.
The receding momentum oscillator warns caution before placing aggressive bids.

Rekha Chauhan Independent Analyst

USD/TRY edges higher in the early European session on Friday. The cross-currency pair peaked at an all time high around 9.8595 in the previous session. The pair confides in a very narrow trade band with an upward bias. At the time of writing, USD/TRY is trading at 9.6050, up 0.25% for the day.

USD/TRY daily chart

On the daily chart, the USD/TRY cross-currency pair has been in the upside momentum since September, 7. The pair peaked to an all time high on Monday at 9.8505, after forming a strong bullish candle on Thursday. USD/TRY bulls are not ready to give up any time soon.

If the price sustains the session’s high it could again test the 9.8000 horizontal resistance level and then keep an eye on the 10.000 mark.

Alternatively, if the price reverses direction, it could first test the previous session’s low at 9.5418, followed by the 9.4000 horizontal support zone. The Moving Average Convergence Divergence (MACD) indicator holds onto the overbought zone with stretched buying conditions. Any downtick in the MACD could bring Thursday’s low at 9.2098 back into action. A break below 9.2000, the bears would seek the 9.0000 horizontal support zone.

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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