USD/TRY Price Analysis: Bulls stays hopeful beyond $13.75 support
- USD/TRY prints four-day uptrend below weekly resistance line.
- Lower-high formation tests the bulls amid nearly overbought RSI.
- 50-HMA, short-term rising trend line challenges the bears.
USD/TRY stays firmer around $13.83, up 0.18% intraday during the four-day advances ahead of Tuesday’s European session.
Even so, the lower-high formation marked since last Thursday portrays the bull’s exhaustion amid the nearly overbought RSI conditions.
However, a convergence of the 50-HMA and an ascending trend line from last Wednesday, around $13.75, put a floor under the prices.
Should the quote drops below $13.75, the 200-HMA level of $13.06 and the $13.00 threshold will lure the USD/TRY bears.
Meanwhile, further advances look to the short-term resistance line near $13.95 and then to the $14.00 round figure before rallying to refresh the all-time high.
In doing so, the $15.00 round figure may gain the market’s attention before the ultimate psychological level of $20.00.
USD/TRY hourly chart
Trend: Pullback 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.
