USD/TRY Price Analysis: Sellers tighten grips on 21-SMA break

USD/TRY drops below 21-SMA for the first time in a week.
RSI pullback favors sellers targeting 200-SMA, $13.94-95 adds to the upside filter.

Anil Panchal FXStreet

USD/TRY finally breaks 21-SMA, down 0.26% intraday around $13.77 during early Wednesday. In doing so, the Turkish lira (TRY) breaks the inactivity portrayed so far in the last week.

As RSI conditions also favor the latest pullback, USD/TRY prices are likely declining towards the 200-SMA level of $13.50.

Following that, the $13.00 threshold and the monthly low of $12.75 may act as buffers before directing the pair towards December’s bottom surrounding $10.24.

During the fall past $12.75, the 23.6% Fibonacci retracement of December 20-23 downside, around $12.15, will offer an additional level to rest for the USD/TRY bears.

Meanwhile, 21-SMA guards the quote’s immediate upside around $13.80, a break of which will direct the USD/TRY prices towards the double tops marked near $13.94-95.

Even if the quote rises past $13.95, it needs validation from the $14.00 round figure before convincing the bulls.

USD/TRY: Four-hour chart

Trend: Further weakness 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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