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- USD/TRY Price Analysis: $13.68 appears tough nut to crack for sellers
USD/TRY Price Analysis: $13.68 appears tough nut to crack for sellers
- USD/TRY remains pressured around intraday low, prints three-day downtrend.
- 50-SMA, 61.8% Fibonacci retracement limits immediate declines but bearish MACD hints at further weakness.
- Three-day-old resistance line restricts recovery moves ahead of February’s top.
USD/TRY prints mild intraday losses around $13.80, down 0.20% on a day while heading into Tuesday’s European session.
That said, the bearish MACD signals and sustained trading below a 50% Fibonacci retracement (Fibo.) level of January-February upside keep sellers hopeful to conquer the immediate support near $13.80, comprising 50-SMA and 61.8% Fibo.
Even son a convergence of the 100-SMA and an upward sloping trend line from late January becomes strong support to challenge USD/TRY bears around $13.68.
Should the quote drops below $13.68, a downward trajectory towards $13.55 and February’s low near $13.28 can’t be ruled out.
Meanwhile, recovery moves may initially aim for the 50% Fibonacci retracement level of $13.97 before challenging the falling trend line from Thursday, near $14.03.
In a case where USD/TRY bulls cross the $14.03 hurdle, a gradual run-up towards February’s peak of $14.66 can’t be ruled out.
USD/TRY: Four-hour chart
Trend: Further weakness expected
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