- USD/TRY struggles to extend 2-day uptrend, hovers around weekly high
- The bears remain cautious until they see a break of the monthly support line.
- The bullish MACD maintains bullish momentum directed towards 15.20-22.
USD/TRY breaks the two-day uptrend while paring recent gains around 14.81 early Monday morning in Europe.
In doing so, the Turkish Lira (TRY) pair falls back towards a three-day-old rising support line. However, bullish MACD signals keep buyers hopeful.
If the quote falls below the support near 14.78, a convergence of the 50-SMA and the 23.6% Fibonacci retracement (Fibo.) from February 28 to March 11 upwards, near 14.75, will test the further weakness of the rating.
It should be noted that an ascending sloping support line from late February near 14.60 acts as a badass for the USD/TRY bears to regain control.
On the contrary, the new rise will target last Monday’s high near 14.90 before challenging the 15.00 level.
Next, the 15.06 monthly high and the 61.8% Fibonacci (FE) expansion of the February-March moves near $15.20-22 will be crucial to watch.
USD/TRY: four-hour chart
Trend: continuation of the expected rise