USD/TRY Price Analysis: Impending bull cross on 1D points to additional upside

USD/TRY extends bounce from 21-DMA into the second day.
Technical indicators on the daily chart suggest more gains.
A test of record highs above $8.51 back on the cards?

Dhwani Mehta FXStreet

USD/TRY is looking to extend its rebound from four-day lows into the second straight day on Wednesday, having found solid support at the 21-daily moving average (DMA), now at $8.3124.

The bulls now target the Monday high of $8.4550 if the upbeat momentum picks up pace.

Further up, the record highs at $8.5146 could be on the buyers’ radars.

The 14-day Relative Strength Index (RSI) points north while above the midline, suggesting that there is more room to the upside.

A potential bull cross on the said time frame, with the 100-DMA on the verge of cutting above the 200-DMA, also adds credence to another leg higher.

However, if the price gives a daily closing below the crucial 21-DMA support, then a sell-off towards the upward-sloping 50-DMA at $8.0983 cannot be ruled out.

USD/TRY: Daily chart

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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