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

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