Hovering around $13.50 within the fortnightly triangle
- USD/TRY posts modest gains to erase 2-week losses.
- The confluence of 100/200 SMA offers strong resistance within the immediate triangle.
- A stable RSI is suggesting further looping below key SMAs.
USD/TRY starts the trading week on a positive note around $13.48 during Monday’s Asian session, up 0.10% on the day.
Despite this, the Turkish lira (TRY) pair remains within a two-week symmetrical triangle amid a stable RSI.
However, it should be noted that continued trading below the confluence of the 100 and 200 SMAs near $13.55 is keeping USD/TRY sellers hopeful.
Should the price surge above $13.55, chances cannot be ruled out that its rise will cross the indicated triangle’s resistance line, near $13.60 at press time.
After that, the monthly high around $13.95 and the $14.00 threshold will attract pair buyers.
On the contrary, retracements above the triangle support line, no later than $13.30, remain elusive.
Even if the USD/TRY bears manage to scale the $13.30 support, the $13.00 level will challenge the downside before breaching the 61.8% Fibonacci retracement from Dec 24-March 3 January upside near $12.40 highlights.
USD/TRY: four hour chart
Trend: Further weakness expected