USD/TRY Price Analysis: Golden cross on 4H keep buyers hopeful

USD/TRY snaps two-day uptrend during a sluggish session, retreats from daily high of late.
A bullish moving average crossover, firmer RSI favor buyers.
12-day-old support line adds to the downside filters, monthly horizontal line restricts immediate upside.

Anil Panchal FXStreet

USD/TRY struggles to defend buyers, down 0.25% intraday while easing to $13.62 amid Friday’s Asian session.

The Turkish lira (TRY) pair rose during the last two days before easing from $13.67. The pullback moves, however, remain elusive due to the golden cross on the four-hour (4H) play.

A golden cross is the bullish moving average crossover wherein the 50-SMA crosses the 200-SMA from the upside to signal the underlying asset’s further advances.

That said, the USD/TRY prices need to overcome the $13.70 immediate hurdle ahead of confronting the monthly resistance line near $13.95.

During the quote’s upside past $13.95, the December 21 peak of $14.13 will act as the key hurdle to the USD/TRY rally.

On the contrary, the stated SMA convergence near $13.50 restricts the short-term downside of USD/TRY.

Following that, an upward sloping trend line from January 12, near $13.35, will be important before welcoming the USD/TRY bears.

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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