USD/TRY Price Analysis: Following big spike, Bears focus on prior resistance

USD/TRY bulls jump into a supply zone and the focus is on the downside.
Bears can seek out an opportunity back to test old resistance.

Ross J Burland FXStreet

USD/TRY has been a big mover in the open this week and the following illustrates the downside potential in the par back toward old resistance.

Monthly chart

Following a significant downside correction, the bulls are likely to get back on board.

Weekly chart

However, there is an overextended W-formation that offers the prospects of a downside correction to test the neckline and support structure.

Daily chart

Meanwhile, from a daily perspective, the price can be expected to deteriorate on the supply zone and regress back towards the prior highs and presumed support structure.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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