USD/TRY Price Analysis: Fortnight-old rising channel defend bulls

USD/TRY refreshes intraday low inside a bullish chart pattern.
Sustained rebound from 50-SMA, bullish MACD favor buyers.
Sellers need validation from late September swing high for fresh entry.

Anil Panchal FXStreet

USD/TRY takes the bids to refresh intraday top around $8.8975, up 0.26% on a day as European traders brace for Wednesday’s bell.

In doing so, the Turkish Lira (TRY) pair stays inside a two-week-old ascending trend channel formation while keeping bounce off 50-SMA.

Given the MACD signals tease bulls, the pair’s further upside towards the $8.9000 mark can’t be ruled out.

However, the latest swing tops near $8.9590 and the stated channel’s resistance line close to $8.9750 will question the USD/TRY bulls afterward.

Meanwhile, pullback moves may fade around 50-SMA and the channel support, respectively near $8.8685 and $8.8460.

Even if the USD/TRY bears manage to defy the bullish chart pattern with a downside break of $8.8460, September 20 top surrounding $8.7265 will need to asset the further declines.

USD/TRY: Four-hour chart

Trend: Further upside 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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