- Analytics
- News and Tools
- Market News
- USD/TRY Price Analysis: Seesaws around all-time high near $9.88
USD/TRY Price Analysis: Seesaws around all-time high near $9.88
- USD/TRY renews record top before trading sideways during three-day uptrend.
- RSI conditions hint at pullback inside a three-month-old rising channel, bullish chart pattern keeps buyers hopeful.
- 10-DMA, pennant’s support restrict short-term declines ahead of the channel’s support.
USD/TRY seesaws around $9.8760 after renewing the record top to $9.8810 during the pre-European session on Thursday.
In doing so, the Turkish Lira (TRY) pair justifies the confirmation of a bullish pennant chart pattern inside a short-term rising. However, overbought RSI conditions test the buyers of late.
Even so, the pullback moves remain less important until staying beyond the wedge’s resistance line, now support around $9.7180.
Following that, the 10-DMA and wedge’s lower line, respectively near $9.6925 and $9.5400, could test the USD/TRY bears before dragging them to the stated channel’s support around $9.4970.
Meanwhile, the $9.9000 round figure will precede the $10.00 psychological magnet and the channel’s upper line near $10.1480 to lure the USD/TRY bulls.
USD/TRY: Daily chart
Trend: Further upside expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
