Aims to confirm the double top downtrend below 8.8000

  • The USD / TRY remains lower after crossing the two week old support line.
  • Bearish MACD supports sellers targeting 100-SMA, confirmation of double highs.
  • Buyers can discount all-time highs by rejecting bearish chart formation.

USD / TRY bears pause around 8.6900, after the largest daily decline in a week, early Tuesday. The Turkish Lira (TRY) pair broke an ascending June 11 support line the day before before trading in a small range around 8.7000.

Not only breaking the trendline of the pair, but the bearish MACD also favors sellers to confirm the bearish chart pattern, namely the double top.

However, 100-SMA around 8.6175 acts like the tough nut to crack for USD / TRY bears before heading them to the monthly low of 8.2775. In the fall, mid-June highs near 8.5900 could keep sellers entertained.

Alternatively, the corrective pullback needs to cross the previous support line, near 8.7400, to remind buyers.

Even so, the monthly high, also the record high, close to the psychological magnet of 8.8000, will be a tough challenge for USD / TRY bulls before refreshing the all-time high to the round figure of 9.0000. .

Overall, the USD / TRY appears to be teasing the bears even when the bulls haven’t come out of the woods.

Four Hour USD / TRY Chart

Trend: new weakness expected

About Louis Miller

Check Also

Global central banks expected to hike rates this week

Yahoo Finance’s Jared Blikre breaks down Wall Street’s expectations for upcoming central bank policy changes. …

Leave a Reply

Your email address will not be published.