USD/TRY Price Analysis: Seesaws around 20-DMA, $14.00 appears key hurdle

USD/TRY holds onto the weekly grind around key technical indicators.
20-DMA, 50% Fibonacci retracement clutch the immediate moves.
Sustained trading above 50-DMA, MACD conditions signal further upside.
Five-week-old horizontal line challenges short-term buyers, 61.8% Fibo. adds to the downside filters.

Anil Panchal FXStreet

USD/TRY remains sidelined around $13.40 during Wednesday’s Asian session.

In doing so, the Turkish lira (TRY) pair takes rounds to the 20-DMA and 50% Fibonacci retracement (Fibo.) of September-December upside of late.

It’s worth noting, however, that the quote’s sustained trading above 50-DMA, as well as ability to bounce off 78.6% Fibo., favor buyers to aim for the horizontal resistance established since November 30, around $14.00.

Following that, $14.80 and $15.70 may test the bulls before directing them to the record high marked in the last month around $18.35.

Alternatively, pullback moves remain elusive beyond convergence of the 50-DMA and 61.8% Fibonacci retracement level near $12.10.

Also acting as short-term support is the $12.00 threshold, a break of which will again direct the quote towards 78.6% Fibo. level surrounding $10.40.

Overall, USD/TRY bulls are in command but seem cautious ahead of the key US data docket.

USD/TRY: Daily chart

Trend: Further upside 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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