Fri, Jan 21, 2022 @ 01:36 GMT
HomeContributorsTechnical AnalysisUSD/TRY 4H Chart: Bulls Could Prevail In Market

USD/TRY 4H Chart: Bulls Could Prevail In Market

Since the middle of November, the USD/TRY currency pair has been trading downwards within a falling wedge pattern.

From a theoretical point of view, it is likely that the exchange rate could breach the predetermined pattern north within the following trading sessions. Note that the rate could face the resistance area formed by Fibos 38.20%, 50.00% and 61.80% in the 7.5494/7.9401 range.

Meanwhile, note that the currency pair is pressured by the 55-, 100–” and 200-period moving averages in the 7.0443/7.2820 area. Thus, some downside potential could continue to prevail in the market.

Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading

Approaching Money Management

Making use of a Trading Journal

Trading USD/CAD Currency Pair