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
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