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.

Anil Panchal FXStreet

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.

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