USD/TRY Price Analysis: Bulls remain in full swing, jump all-time high above 9.5530

USD/TRY consolidates gains on Friday after a volatile previous session.
Bulls hit an all-time high of 9.55 a day earlier in a 30-pips movement.
Overbought MACD throws caution on aggressive bids.

Rekha Chauhan Independent Analyst

USD/TRY remains muted in the Asian session on Friday. The cross-currency pair peaked at all time around 9.5540 in the US session, following two days’ sell-off. The pair confides in a very narrow trade band, with no meaningful traction. At the time of writing, USD/TRY is trading at 9.5245, up 0.07% for the day.

USD/TRY daily chart

On the daily chart, the USD/TRY cross-currency pair has been in the upside momentum since October, 5. USD/TRY remains in a continuous uptrend after putting the paddle on the accelerator. A strong bullish candle on Thursday suggests that the USD/TRY bulls are not ready to give up any time sooner.

If the price sustains above the session’s high, it could test the all-time high above 9.5532 once again.

Alternatively, if the price reverses direction, it could first test the 9.3680 horizontal support level, followed by the double bottom near 9.2050.

The Moving Average Convergence Divergence (MACD) indicator holds onto the overbought zone with stretched buying conditions.

Any downtick in the MACD could bring the 9.1000 horizontal support level back into action.

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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