USD/TRY Price Analysis: Impending bull cross on 1D points to additional upside

USD/TRY extends bounce from 21-DMA into the second day.
Technical indicators on the daily chart suggest more gains.
A test of record highs above $8.51 back on the cards?
USD/TRY is looking to increase its rebound from four-day lows into the second straight day on Wednesday, having found solid support at the 21-daily moving average (DMA), now at $8.3124.

The bulls now target the Monday high of $8.4550 if the upbeat momentum picks up pace.

Further up, the record highs at $8.5146 might be on the buyers’ radars.

The 14-day Relative Strength Index (RSI) points north while above the midline, suggesting that there’s more room to the upside.

A potential bull cross on the said time frame, with the 100-DMA on the verge of cutting above the 200-DMA, also adds credence to a different leg higher.

However, if the worth gives a daily closing below the crucial 21-DMA support, then a sell-off towards the upward-sloping 50-DMA at $8.0983 can’t be ruled out.

USD/TRY: Daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and will not in any way encounter as a recommendation to shop for or sell in these assets. you ought to do your own thorough research before making any investment decisions. FXStreet doesn’t in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also doesn’t guarantee that this information is of a timely nature. Investing in Open Markets involves an excellent deal of risk, including the loss of all or some of your investment, also as emotional distress. All risks, losses and costs related to investing, including total loss of principal, are your responsibility. The views and opinions expressed during this article are those of the authors and don’t necessarily reflect the official policy or position of FXStreet nor its advertisers.


Read Previous

Gold Price Analysis: $1874 remains a tough nut to crack for XAU/USD ahead of FOMC minutes – Confluence Detector

Read Next

GBP/USD waits for a green light from the Fed to rally

Leave a Reply

Your email address will not be published. Required fields are marked *