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USD/TRY Price Analysis: Weekly support breach points to additional drop towards 16.00

Jun 01, 2022 14:48

USD/TRY stays pushed at 16.40, following many days of silence, until early Wednesday morning in Europe.

 

In doing so, the Turkish Lira (TRY) pair justifies the recent negative breach of a one-week-old ascending trend line with lower RSI, not oversold.

 

Given the USD/TRY pair’s frequent failures to renew the yearly high, as well as the current trend line break and stable RSI, the quotation is likely dropping towards the 200-HMA level near 16.20.

 

Around the pair’s decline past 16.20, repeated peaks set during May 25-26 can test the USD/TRY bears around 16.15, a breach of which might drive them to the 16.00 level.

 

Meanwhile, a confluence of the prior support line and recent high at $16.47 shields the short-term USD/TRY upward. Ahead of that, a one-week-old horizontal line at 16.43 may test pair buyers.

 

It’s worth noting that the USD/TRY run-up beyond 16.47 won’t hesitate to reach the 17.00 round figure while seeking the late 2021 high of 18.35.

USD/TRY

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