USD/TRY Price Analysis: Further upside hinges on 17.50 breakout
- USD/TRY regains upside momentum as buyers approach five-week-old resistance.
- Support-turned-resistance line adds to the upside filters, oscillators favor buyers.
- 200-SMA appears a tough nut to crack for bears, buyers can aim for 2021 peak on a successful upside break.
USD/TRY reverses the previous day’s losses, and also adds some more gains, as it picks up bids to $17.45 amid the early Monday morning in Europe.
The Turkish Lira (TRY) pair bounces off an eight-day-old ascending support line to aim for the key 17.50 hurdle comprising multiple tops marked since early June.
Also acting as an upside filter is the previous support line from June 30, close to 17.55, a break of which won’t hesitate to challenge the year 2021 peak surrounding 18.35. However, the 18.00 round figure may entertain USD/TRY bulls before that.
Meanwhile, pullback moves remain elusive until staying beyond the immediate support line, close to 17.28 by the press time.
Even if the quote drops below 17.28, the 200-SMA level of 17.07 precedes the 17.00 round figure to limit the short-term downside of the USD/TRY prices.
It’s worth noting that the bears should remain cautious unless the pair successfully trades below late June’s low of 16.09.
To sum up, the recently firmer RSI (14) joins the pair’s sustained trading above the short-term key supports to favor USD/TRY buyers.
USD/TRY: Four-hour chart
Trend: Limited upside expected