USD/TRY Price Analysis: Rising wedge breakdown, death cross on 1H point to more losses

USD/TRY stalls downside but not out of the woods yet.
1H chart spots death cross and rising wedge breakdown.
Hourly RSI remains in the bearish region, below 50.00.

Dhwani Mehta FXStreet

USD/TRY is consolidating its slide below all the major hourly moving average (HMA), as the bears gather pace for the next push lower.

The price charted a rising wedge breakdown on the hourly chart in the late-American trading and fell as low as $7.82 before recovering slightly to $7.8350, where it now wavers.

Despite the pause in the sell-off, the risks remain skewed to the downside, as the price confirmed a death cross in the last hour. The death cross is a bearish crossover, with the 50-HMA cutting the 200-HMA from above.

The Relative Strength Index (RSI) remains flat below the midline, allowing more room for declines. Therefore, the sellers target the November 30 low of $7.7432

Alternatively, the bearish 100-HMA at 7.8500 is the level to beat for the bulls. Further up, the pattern support now resistance at $7.8690 could be challenged.

USD/TRY: Hourly 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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