50-SMA, three-week-old support line test bears

USD/TRY snaps three-day downtrend, remains sidelined of late.
Sluggish momentum line doubts further weakness, 100-SMA adds to the downside filters.

USD/TRY takes rounds to $9.5130, portraying the sideways move to consolidate weekly losses during early Thursday.

In doing so, the Turkish Lira (TRY) pair seesaws around 50-SMA and an ascending support line from October 08.

Given the sluggish Momentum line and the stated strong supports, the latest pullback is likely to be reversed.

However, $9.6000 and $9.7180 may challenge the USD/TRY bulls before directing them to the record top surrounding $9.8505.

On the contrary, the 50-SMA and near-term key support line, respectively around $9.4550 and $9.4100, could challenge the quote’s immediate declines.

Even if the quote drops below the $9.4100 level, the 100-SMA surrounding $9.2400 will be challenging the USD/TRY bears.

To sum up, USD/TRY bulls remain in command despite the latest pullback.

USD/TRY: Four-hour chart

Trend: Recovery expected

Leave a Reply

Your email address will not be published.