USD/TRY Price Analysis: Keeps early week bullish gap with eyes on 8.000 threshold

USD/TRY stays on the front foot following the bounce off early March tops.
Strong RSI and failures to slip beneath immediate support favor bulls.
Monthly resistance line offers intermediate halts before the recent high, 200-SMA adds to the downside filters.

Anil Panchal FXStreet

USD/TRY picks up bids around 7.9500, up 0.05%, during Wednesday’s Asian session. In doing so, the quote extends the previous day’s recovery moves from March 08 top while keeping the early-week gap to the north.

Considering the bullish RSI, USD/TRY is likely to cross the 8.0000 immediate hurdle while targeting 8.1000 round-figure during the further upside.

Though, an ascending trend line from February 26 and the recently-flashed multi-day top, respectively around 8.3370 and 8.4835 can test the bulls afterward.

Meanwhile, a downside break below 7.7750 will have to break the March 17 peak surrounding 7.6400 before directing USD/TRY sellers towards a 200-SMA level of 7.3193.

If at all the pair remains heavy past-7.3193, the monthly bottom around 7.1900 and the 7.000 psychological magnet will be the tough challenges for the bears.

USD/TRY four-hour chart

Trend: Bullish

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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