USD/TRY Technical Analysis: ascending triangle breakdown seen in 1H chart

The ascending triangle breakdown, as seen in the USD/TRY hourly chart, adds credence to the bearish RSI divergence and indicates scope for a deeper pullback to rising 50-hour moving average (MA), currently located at 6.5377.
A move above 7.02 would invalidate the bearish view and could yield rally to fresh record highs above 7.0831.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 6.9114

Daily High: 6.9527

Daily Low: 6.8501

Trend: Bearish

Resistance

R1: 6.9527 (session high)

R2: 7.02 (resistance as per the hourly chart)

R3: 7.08 (previous day's high)

Support

S1: 6.85 (session low)

S2: 6.65 (support as the hourly chart)

S3: 6.5377 (50-hour MA)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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