USD/TRY Price Analysis: Keeps bounce off 100-day SMA above 7.6500

USD/TRY extends recovery from two-month low while piercing 50% Fibonacci retracement off-late.
One-week-old falling trend line lures buyers ahead of 50-day SMA.
Bearish MACD, immediate resistances question the bullish momentum.

Anil Panchal FXStreet

USD/TRY flirts with the intraday high of 7.6584, currently up 0.39% around 7.6542, during Monday’s Asian session. In doing so, the pair crosses 50% Fibonacci retracement of June-November upside while stretching Thursday’s bounce off 100-day SMA.

Strong SMA support joins the recent upside break of the key Fibonacci retracement to direct USD/TRY buyers towards a descending trend line from November 12, at 7.7135 now. However, bearish MACD signals challenge the pair’s further upside.

Not only the short-term resistance line but 50-day SMA near 7.8860 also challenge the USD/TRY bulls.

Alternatively, a downside break of 50% Fibonacci retracement level of 7.6338 can re-direct the USD/TRY sellers to a 100-day SMA level of 7.5160.

During the quote’s sustained downside past-7.5160, 61.8% Fibonacci retracement, at 7.4100, will be the key support to watch.

USD/TRY daily chart

Trend: Further recovery 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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