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- USD/TRY Price Analysis: Retreats to immediate support line near 14.80
USD/TRY Price Analysis: Retreats to immediate support line near 14.80
- USD/TRY struggles to extend two-day uptrend, seesaws around weekly high
- Bears remain cautious until witnessing a break of monthly support line.
- Bullish MACD keeps upside momentum directed towards 15.20-22.
USD/TRY snaps two-day uptrend while paring recent gains around 14.81 during very early Monday morning in Europe.
In doing so, the Turkish lira (TRY) pair drops back towards a three-day-old rising support line. However, the bullish MACD signals keep buyers hopeful.
Should the quote drops below 14.78 nearby support, a convergence of the 50-SMA and 23.6% Fibonacci retracement (Fibo.) of February 28 to March 11 upside, near 14.75, will challenge the quote’s further weakness.
It’s worth noting an upward sloping support line from late February, close to 14.60, acts as a tough nut to crack for the USD/TRY bears to retake controls.
On the contrary, the fresh upside will aim for the last Monday’s swing high near 14.90 ahead of challenging the 15.00 threshold.
Following that, the monthly high of 15.06 and 61.8% Fibonacci Expansion (FE) of the February-March moves, close to $15.20-22, will be crucial to watch.
USD/TRY: Four-hour chart
Trend: Further upside expected
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