Market news
29.11.2021, 05:32

USD/TRY Price Analysis: Bulls keep eyes on $12.70 hurdle

  • USD/TRY holds onto Friday’s recovery moves above short-term support line.
  • MACD teases bulls as the quote heads to weekly horizontal resistance.
  • 61.8% Fibonacci retracement limits immediate declines below October’s high.

USD/TRY remains range-bound near $12.40 heading into Monday’s European session.

The Turkish lira (TRY) pair snapped a two-day downtrend the previous day while staying past a weekly ascending support line.

Given the MACD line teasing bullish cross, as the quote remains above the short-term rising support line, USD/TRY buyers are likely to aim for the one-week-old horizontal resistance near $12.70.

Following that, the $13.00 threshold may offer an intermediate halt during the run-up to the recently flashed record top of $13.49.

Meanwhile, a downside break of the aforementioned support line near $12.30 will aim for a 50% Fibonacci retracement (Fibo.) level of the November 18-23 rally, around $12.00.

During the USD/TRY weakness below the $12.00 threshold, the previous resistance line from November 23 and 61.8% Fibo., respectively around $11.80 and $11.60, will challenge the bears before October’s peak of $9.85.

USD/TRY: Four-hour 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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
Feedback
Live Chat E-mail
Up
Choose your language / location