USD/TRY Price Analysis: Recovery moves aim for 8.4400

USD/TRY refreshes intraday top following the Turkish government action.
Upbeat Momentum line, successful run-up above 100-day SMA, six-week-old support line favor buyers.
Monthly horizontal area guards upside moves targeting monthly top.
USD/TRY justifies the Turkish government’s interference in financial institution activities while taking the bids around 8.4000, up 0.13% intraday, heading into Tuesday’s European session.

Read: USD/TRY shrugs-off removal of 1 of 4 Turkish deputy financial institution governors

In doing so, the quote backs the repeated bounces off 100-SMA, also as price-positive Momentum, to direct USD/TRY buyers toward a horizontal area comprising multiple tops from late April, around 8.4400.

While the pair’s run-up beyond 8.4400 needs a robust push, a transparent breakout won’t hesitate to challenge the monthly high, also the very best since November 2020, around 8.5150.

Meanwhile, a confluence of 100-SMA and an ascending support line from mid-April, near 8.3550, becomes crucial support for USD/TRY sellers to observe during the quote’s pullback moves.

Also acting as important support is that the previous week’s low near 8.2960, an opportunity of which can challenge the monthly low of 8.2160.

USD/TRY four-hour chart

Trend: Further upside expected

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 Futures: Look neutral/bearish near-term

Read Next

AUD/USD: Off intraday high below 0.7800 as US dollar marks corrective pullback

Leave a Reply

Your email address will not be published.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