USD/TRY Technical Analysis: Descending triangle in the hourly chart hints at further decline

The Turkish Lira has appreciated to fresh 2-week highs vs. the greenback following yesterday’s rate hike by the CBRT by more than 600 bp, so far finding support in the proximity of the 6.00 handle.
The likelihood of a ‘descending triangle’ formation in the hourly chart gives support to the idea that further downside appears probable in the near term.
Interim targets on the downside emerge at yesterday’s low at 6.0167 ahead of 5.6675 (low August 16).

Pablo Piovano FXStreet

USD/TRY hourly chart

Daily high: 6.1471

Daily low: 6.0040

Support Levels

S1: 6.0167

S2: 5.6675

S3: 5.5616

Resistance Levels

R1: 6.3218

R2: 6.4345

R3: 6.8350

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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