USD/TRY Technical Analysis: Prepping for a re-test of 6.00

The USD/TRY hourly chart shows a bullish relative strength index (RSI) divergence. As a result, the pair could witness an upside break of the falling channel and rise above 6.00 in the next few hours.
The bullish case would weaken if the falling channel resistance proves a tough nut to crack. That said, only a break below 5.79 would signal a continuation of the pullback from the record highs seen earlier this week.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 5.84

Daily High: 5.86

Daily Low: 5.80

Trend: Bullish

Resistance

R1: 5.8694 (10-day moving average)

R2: 6.00 (50-hour moving average)

R3: 6.3656 (100-hour moving average)

Support

S1: 5.69 (recent low)

S2: 5.49 (trendline support)

S3: 5..09 (200MA on 4-hour chart)

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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