USD/TRY Price Analysis: Recovery moves eye three-week-old resistance below $14.00

USD/TRY extends week-start rebound towards short-term key hurdle to the north.
Firmer RSI, successful trading above weekly support and 100-SMA keep buyers hopeful.

Anil Panchal FXStreet

USD/TRY stays on the front foot around a one-week high, up 0.20% intraday near $13.62 while rising for the second consecutive day ahead of Tuesday’s European session.

Upbeat RSI conditions and a clear follow of the ascending trend line from January 31 favor the Turkish lira (TRY) pair buyers.

However, the pair bulls need to cross a downward sloping trend line from January 17, near $13.65, to extend the run-up.

Following that, the late January’s top surrounding $13.70 may challenge the USD/TRY bulls before directing them to the $14.00 threshold.

Meanwhile, pullback moves remain elusive beyond the weekly support, around $13.58 at the latest.

Adding to the downside filters is the convergence of the 100-SMA and 38.2% Fibonacci retracement (Fibo.) near $13.50.

Overall, USD/TRY is up for consolidating recent losses but needs validation from $13.65.

USD/TRY: Four-hour 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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